The 25% tariffs on imported steel could be a boon for Cleveland producers like Cleveland-Cliffs, but hurt manufacturers and consumers.

President Donald Trump on Monday imposed a 25% tariff on all steel and aluminum imports into the United States with no exceptions or exemptions.

The European Commission is investigating whether to tighten its current system of quotas on steel imports to protect EU producers from new tariffs U.S. President Donald Trump plans to impose on incoming steel and aluminium on March 12.

The European Union estimates that the first wave of Donald Trump’s steel and aluminum tariffs will hit as much as €28 billion ($29.3 billion) of the bloc’s exports in what would be a massive escalation in the US president’s trade war.

Canada supplies roughly 60% to 70% of the imports that come into the U.S. market. Canadian suppliers like Rio Tinto produce high quality aluminum that is typically sold to stateside buyers.