LONDON -- The European Union responded on Wednesday to the Trump administration's steel tariffs, saying member states would place countermeasures on some 26 billion euros, or about $28 billion, worth of U.S. goods.

Ursula von der Leyen, president of the European Commission, said in a statement that the EU "must act to protect consumers and business."

"Tariffs are taxes. They are bad for business, and even worse for consumers," von der Leyen said. "These tariffs are disrupting supply chains. They bring uncertainty for the economy. Jobs are at stake. Prices will go up. In Europe and in the United States."

This is a developing story. Please check back for updates.