Shares in European and Asian steelmakers fell on Monday after U.S. President Donald Trump said he would introduce 25% tariffs on all steel and aluminium imports within hours in addition to existing metals duties.

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.

President Donald Trump signed an order Monday imposing global tariffs of 25% on all steel and aluminum imports in a move that will likely please domestic steelmakers but hurt allies like Canada and Mexico.