President Donald Trump said he would be increasing tariffs on steel and aluminum to 50% from 25%, saying the move would help protect American workers, as he visited a United States Steel Corp. plant on Friday.

Trump had gone to the plant near Pittsburgh to champion an expected deal between US Steel and Japan's Nippon Steel Corp.

President Donald Trump’s decision to double tariffs on steel imports from 25% to 50%, announced at a Pennsylvania rally on May 30, has sent shockwaves through global financial markets.