The U.S. will begin charging double-digit tariffs on steel and aluminum imports from Canada, Mexico, and the European Union, angering some of the country’s closest allies and weighing on financial markets.

Commerce Secretary Wilbur Ross told reporters Thursday that tariffs of 25 percent on imported steel and 10 percent on aluminum will start at 12:01 a.m. Friday after more than two months of negotiations failed to deliver the results the Trump administration wanted.