Existing American tariffs already restrict steel and aluminum shipments from China, which is now flooding other markets with its exports instead.

President Donald Trump on Monday imposed a 25% tariff on all steel and aluminum imports into the United States with no exceptions or exemptions.

U.S. President Donald Trump's 25% tariffs on steel and aluminium sent gold to record highs on worries of widening trade conflict and inflation, while some countries held out hope for negotiations and Chinese steel firm shares came under pressure.