Mexico, Canada and the European Union on Tuesday condemned U.S. President Donald Trump's decision to impose tariffs on all steel and aluminum imports next month, a move that has fanned fears of a trade war as business and political leaders braced for yet more trade duty announcements from the new administration.

The president said he planned sweeping tariffs on all steel and aluminum imports on Monday and would take other action to even out tariff rates with the rest of the world later this week.

President Donald Trump signed an order to impose tariffs on imports from Mexico, Canada and China, fulfilling a campaign promise but raising the prospect of increased prices for American consumers, according to the Associated Press.