"We strongly regret the announced increase of US tariffs on steel imports from 25 per cent to 50 per cent," said a spokesman for the European Commission in Brussels, which is responsible for EU trade policy.
"This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic."
The EU is ready to take countermeasures, the statement continued.
This could also happen earlier than July 14.
As things currently stand, EU counter-tariffs already planned due to Trump's initial tariff decisions would automatically come into force on this date.
The bloc had wanted the measures to come into force on April 14, but held back after Trump granted many countries and the EU a 90-day pause from certain tariffs.
This window of opportunity had been intended to be used for negotiations.
The EU has repeatedly emphasised that it will introduce decisive measures against US tariffs if the talks fail.
Early last week, European Union Commission President Ursula von der Leyen expressed some optimism about sorting out the trade dispute, following a phone call with Trump.
But now it appears all bets could be off.
Speaking at a rally at a US steel plant near Pittsburgh on Friday, the US president said the additional import fees would strengthen the national steel industry.
He added that tariffs were his absolute favourite word.
Trump's administration has justified the existing steel tariffs as a measure to protect national security.
He has already announced, threatened or implemented numerous other tariffs.
In addition to a new penalty tariff of 10 per cent of the value of goods on almost all imports, he has announced specific, higher tariffs on imports, including from major trading partners such as China and the European Union.
New German Chancellor Friedrich Merz will meet US President Donald Trump at the White House in Washington on Thursday.
This is the first meeting between the two since Merz took office on May 6.
Before that, they had only briefly encountered each other many years ago in New York.
The trade dispute between the United States and the European Union is likely to be a hot button issue.
Unlike the EU, Australia will not retaliate against Trump's "wrong" tariff hike decision on steel imports.
Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium.
"We don't believe that retaliation is the right way to go here," he said.
"We're going to cooly and calmly argue our case for the removal of these tariffs."
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