The U.S. dollar fell against other major currencies on Monday, giving up some of the previous week's gains, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to constrict growth and unleash inflation.

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.

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.

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.

U.S. President Donald Trump said on Friday he planned to double tariffs on steel and aluminium imports to 50% from 25%, starting from Wednesday, ratcheting up pressure on global producers and deepening his trade war.

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.