France’s economic outlook has deteriorated as the anticipated impact of a global trade war compounds an already slow start to the year, the country’s central bank said.

President Donald Trump imposed a sweeping 25% tariff on all steel and aluminum imports into the United States on Wednesday, as all eyes turn to Russia’s response after Ukraine accepted a 30-day ceasefire deal proposed by the U.

Trump addressed business leaders on Tuesday as stock markets continue sliding over concerns about his tariff policies.

President Donald Trump’s 25% tariffs on steel and aluminum imports came into force Wednesday, triggering a reprisal from the European Union as the global trade war enters a new and risky phase.

The measure raises a flat duty on steel and aluminium entering the US to 25% and ends all country exemptions to the levies. Several countries, including the UK and Australia, have tried to secure carve-outs without success.