Follow the latest news as President Donald Trump announces steel tariffs. Tulsi Gabbard receives a procedural vote, Vice President JD Vance heads to France and Pete Hegseth visits Europe.

Stocks in Asia were mostly down Tuesday, after U.S. President Donald Trump imposed 25% tariffs on all U.S. imports of steel and aluminum. Hong Kong’s Hang Seng index declined 0.62% to 21,388.49, while the Shanghai Composite dipped 0.

Mr. Trump’s decision to impose tariffs on metals is not new. In his first term, the president levied tariffs on foreign steel and aluminum globally, angering allies like Mexico, Canada and the European Union. He ultimately rolled back some of those barriers on Canada and Mexico when they signed a revised trade agreement with the United States.

The 25 percent tariffs on imported steel and aluminum are the latest salvo in his ongoing effort to overhaul the U.S. trading relationship with the rest of the world.

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 moved to substantially raise tariffs on steel and aluminum imports on Monday, cancelling exemptions and duty-free quotas for major suppliers Canada, Mexico, Brazil and other countries in a move that could boost the risk of a multi-front trade war.