Germany's Merkel: EU will retaliate if the US raises tariffs

German Chancellor Angela Merkel, while speaking to reporters in Brussels, said the European Union (EU) is waiting overnight to see US tariff plan and will retaliate if the world's largest economy raises tariffs on EU imports. 

"U.S. Trade Representative Robert Lighthizer told the Senate Finance Committee on Thursday that the Trump administration would temporarily exempt some countries "based on a certain set of criteria" from steel and aluminum tariffs while they negotiate with the United States", according to CNBC report. 

Further, exemptions will likely be granted to Argentina, Australia, Brazil and South Korea.