By Eric Onstad, Hyunjoo Jin and Hongmei Li LONDON/SEOUL/SINGAPORE (Reuters) -U.S. prices of steel and aluminium spiked on Monday while shares of foreign steelmakers slumped after U.S. President Donald Trump said he would double tariffs on imports of the two metals to 50%.

The White House's efforts to foster an agreement between Russia and Ukraine are also expected to continue this week, with a direct meeting expected on Monday in Turkey.

A Financial Times columnist has coined the term "TACO trade," saying Trump always chickens out of his tariff orders. What is behind the viral acronym?

Veteran financial journalist Dylan Ratigan joins MSNBC’s Ari Melber to discuss President Trump’s ongoing trade war and Elon Musk’s exit from Washington. (Subscribe to Ari’s YouTube now:

In the aftermath of steel and aluminum tariffs during Trump's first term, major appliances showed price increases of between 5% and 10% between June 2018 and April 2019, Jason Miller, a professor of supply chain management at Michigan State University, previously told ABC News, citing a monthly government data release.

Mary Barra said at the Wall Street Journal’s Future of Everything conference in New York City she learned lessons from previous talks with Trump.

U.S. companies are facing economic headwinds that are reducing incentive to continue high production levels of oil. Uncertainty from tariffs is the main obstacle for American oil producers.

Retailers like Macy's and Target are reducing reliance on China amid Trump's trade war, restructuring supply chains to mitigate tariff impacts and potential price hikes.