The US-EU trade war only seems to escalate as the European Union (EU) has declared that up to 294 billion dollars worth of US goods would face consequences in the form of counter-tariffs if US President Donald Trump implemented duties on auto imports.

In the escalating trade war, President Trump recently went as far as to compare the EU with China with references to trade practices.

Also, Russia has become the latest country to take action against the Trump administration's steel and aluminum tariffs through the World Trade Organisation.

Moscow has reportedly initiated a dispute complaint against the US by circulating the appeal among WTO members in Geneva, over the 10 percent duties on aluminum and 25 percent on steel.

Russia is now the seventh to file such a complaint after China, India, the EU, Canada, Mexico and Norway.