The U.S. and Chinese leaders are expected to speak this week. Trump will sign an order raising levies on steel and aluminum later today.

President Trump will sign an executive order Tuesday that will increase tariffs on imported steel and aluminum to 50% from the current 25%, White House press secretary Karoline Leavitt said. The increased tariffs will go into effect on Wednesday,

By Eric Onstad, Hyunjoo Jin and Hongmei Li LONDON/SEOUL/SINGAPORE (Reuters) -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%.