Despite an exemption from 50 percent tariffs, Britain still faces a 25 percent duty because its trade deal with the United States has yet to be put in place.

While the inflationary impact on U.S. domestic prices is widely expected to be severe, the effect in Europe will be more mixed, according to analysts.

U.S. President Donald Trump hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that’s set to hammer businesses from automakers to home builders, and likely push up prices for consumers even further.