US stock futures inched lower as investors digested President Donald Trump's announcement of 25% tariffs on global steel and aluminum imports. Trump imposed 25% tariffs on all steel and aluminum imports on Monday night.

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.

The top three suppliers of steel to the US are Canada, Brazil, and Mexico. China is the 10th largest supplier of steel to the country.

Investors are weighing Trump's pledge on Sunday to introduce additional 25% tariffs on steel and aluminum from all countries.

The US stock market has taken a few knocks so far in 2025. After riding high in 2024, US blue chip stock indices underperformed European indices in January, DeepSeek weighed heavily on US chip stocks last week, and now President Trump’s trade wars are also weighing on market sentiment.

Wall Street's main indexes climbed on Monday, lifted by Nvidia and other tech-related stocks, while steelmakers surged after U.S. President Donald Trump said he would impose additional tariffs on steel and aluminum imports.

U.S. stocks closed higher as investors snatched up aluminum and steel shares on President Trump's plan for a 25% tariff on those imports.

Wall Street is taking President Donald Trump’s latest threat on tariffs in stride, on the whole, and U.S. stocks are rising on Monday. The S&P 500 was up 0.6% in morning trading, coming off a losing week that was bookended by worries about how potential tariffs could push up inflation and threaten the economy.