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 retreated on Monday after rounding off monthly gains in May, as U.S. President Donald Trump's new tariff plans threatened to rekindle global trade tensions. The continent-wide STOXX 600 was down 0.

European stock markets open lower. European equities are seeing a broadly negative start to the new trading week and month. The regional Stoxx 600 index is down 0.18%, with France