Steel stocks soared Monday after President Donald Trump dropped a tariff bombshell at a rally in Pennsylvania on Friday evening.He plans to double imports on foreign steel to 50% from 25%. That move is designed to help the domestic industry.

Key TakeawaysThe S&P 500 added 0.4% on Monday, June 2, with steel tariffs and trade with China in the spotlight as markets entered the final month of the year's opening half.Comments by President Donald Trump about doubling tariffs on imported steel helped boost steelmakers' stocks,

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.

South Korea's Industry Ministry said on Monday it will respond to the looming 50% U.S. tariff on steel products as part of its trade discussions with Washington in order to minimise the impact on industry.

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 is visiting a steel plant outside of Pittsburgh on Friday, where he is expected to tout a previously-announced deal between Japan's Nippon Steel Corporation and the United States Steel Corporation.

President Trump would invoke other tariff authorities if his appeal of a trade court's ruling isn't successful, Commerce Secretary Lutnick said.