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.

It’s been only three weeks since President Donald Trump took office and began to unleash an array of trade proposals, but investors already appear to have become inured to those pronouncements, including his latest regarding 25% tariffs on steel and aluminum.

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

President Donald Trump says he will also impose "reciprocal tariffs" on any countries who place tariffs on the US.

The 25 percent tariff the president is proposing is almost identical to a move in his first term. Economists and foreign governments know what will come next.

Imports are forecast to remain elevated at major U.S. container ports as shippers try to stay a step ahead of levies on China and other producer countries, according to the Global Port Tracker report released Monday by the National Retail Federation and Hackett Associates.

President Trump delayed aggressive tariffs on imports from Canada and Mexico, but people close to him warn that more duties are coming—and won’t so easily be averted.

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.