European steel buyers and some manufacturers could benefit from 50% U.S. tariffs on the metal, but the potential for the eye-watering duty rate has rocked the already struggling industry. U.S. steel prices are set to climb further as a result of the higher tariff rate expected to come into effect this week,

European shares began June on a dour note as markets grappled with U.S. President Donald Trump's new tariff plans that threatened to reignite a fresh wave of global trade tensions. The continent-wide STOXX 600 slipped 0.

The president first announced the doubling of tariffs on aluminum and steel at a rally in Pennsylvania last week.