Chinese tariffs on U.S. products including LNG, coal and agricultural equipment are set to be imposed Monday, in response to Trump’s 10 percent blanket levy.

China’s retaliatory tariffs against the U.S. came into effect early Monday but President Donald Trump paved the way for more levies.

Steel and aluminum are heavily used in the automotive and construction industry, but are also used to manufacture goods and appliances. The decision mirrors the actions Trump levied during his first Administration, when he enacted a 25% tariff on steel and 10% tariff on aluminum, though some countries, including South Korea were exempt.

China and the U.S. escalate trade tensions with retaliatory tariffs and new steel and aluminum tariffs, signaling a shift towards protectionism.

U.S. stocks open higher as investors snatch up aluminum and steel shares on President Trump's plan for a 25% tariff on those imports.

In 2024, 23% of all steel used in the U.S. was imported, with Canada, Brazil, Mexico, South Korea and Vietnam as the biggest suppliers.

President Donald Trump says he'll announce on Monday that the United States will impose 25% tariffs on all steel and aluminum imports, including from Canada and Mexico, as well as other import duties