President Trump said at a rally in Pennsylvania on Friday that he is going to double tariffs on steel imports from 25% to 50%. The hike, the president said, "will even further secure the steel industry in the United States.

U.S. prices of steel and aluminium spiked on Monday while shares of foreign steelmakers slumped after U.S. President Donald Trump said he would double tariffs on imports of the two metals to 50%.