The US has also said it will raise tariffs even further in response to retaliatory measures taken by other countries, although it has said it will take Tuesday or Wednesday to finalise this decision.

US President Donald Trump will impose 25% tariffs on steel and aluminum imported into the United States starting Monday, the US president announced on Sunday.

These tariffs will apply "to everyone," Trump said when asked which countries would be affected by the measure.

"Any steel coming into the United States is going to have to have a 25% tariff. Aluminum too. 25% for both," Trump said from Air Force One in statements to the American press.

The US has also announced that it will raise tariffs even further in response to retaliatory measures taken by other countries, although it has stated that it will take Tuesday or Wednesday to finalise this decision.

"It's very simple. If they charge us, we charge them," he argued. These tariffs will be imposed "almost immediately" and will have an impact "on all countries."

Trump has also said he could impose taxes on imported semiconductor chips, pharmaceuticals, oil and gas, and on Friday warned that there would be reciprocal tariffs starting next week.

Trump announced on February 1st a 10% tariff on Chinese products and also a 25% tariff on Canada and Mexico, although in these two cases he suspended their application for a month after reaching agreements for the deployment of security forces on the border.