Asia stock markets trade in red on Monday, followed President Trump's announcement on Friday of plans to raise steel import tariffs from 25% to 50%, effective Wednesday, framing it as a step to reduce reliance on China.

President Donald Trump travels to Pittsburgh Friday to celebrate a deal he once vowed to oppose - Japanese steelmaker Nippon Steel’s long-announced plans to buy iconic American steelmaker US Steel.

The Japanese firm's planned acquisition of U.S. Steel, initially floated in 2023, divided the politically important state of Pennsylvania and its heavily unionized blue-collar workforce.

Iron ore fell to its lowest level since early May alongside equity markets after President Donald Trump said he would double tariffs on steel and aluminum to help protect American workers.

National Economic Council director Kevin Hassett told ABC's "This Week" that President Trump is focused on ensuring the U.S. has a domestic steel industry capable of supplying its needs "China is dumping of steel not just because they love us and they want to give us nice steel,

Mr. Trump celebrated what he calls a partnership between U.S. Steel and Japan-based Nippon on Friday, sharing details about commitments in the partnership and increased tariffs on imported steel.

Experts, lawmakers, and industry people—alongside Canadian officials—have issued stark warnings about Trump's plan.