BREAKING: The European Union retaliates hard after Donald Trump slaps a 25% tariff on all steel and aluminum imports — by unleashing counter-tariffs on $28.33 billion worth of American goods.

If you thought that the economy was bad before, buckle up…

“We deeply regret this measure [by the U.S.]. Tariffs are taxes, they are bad for business and worse for consumers, they are disrupting supply chains, they bring uncertainty for the economy, jobs are at stake, prices are up and nobody needs that, neither side needs that,” said European Commission President Ursula von der Leyen.

She stated that the EU “must act to protect businesses and consumers,” adding that the trade relationships between the U.S. and EU “are the biggest in the world” and have brought “prosperity and security to millions of people.”

The European retaliatory tariffs will include a reapplication of 8 billion euros in previously suspended tariffs as well as 18 billion euros worth of newly crafted duties. They apply to steel, aluminum, many forms of semi-finished and finished metallic products, as well as derivatives like machinery parts.

Von der Leyen described the incredibly punishing response as “strong but proportionate.”

“We will always remain open to negotiation,” she added.