America News Agency

Trump also announced that reciprocal tariffs would be applied to all countries that impose import taxes on American goods throughout the week, but he did not specify which countries would be targeted or whether there would be any exemptions.

On Sunday, while traveling from Mar-a-Lago resort in Florida to the Super Bowl in New Orleans, Trump told reporters about his plans: "If they impose tariffs on us, we will impose tariffs on them."

Canada and Mexico are two of the United States' largest steel trade partners, with Canada being the largest supplier of aluminum to the U.S.

Trump's remarks also led to a decline in the shares of major South Korean steel and automobile manufacturers. South Korea is a major steel exporter to the United States.

Shares of steel company POSCO fell by 3.6%, while Hyundai Steel shares dropped by 2.9%.

Shares of automaker Kia Corp also fell by 3.6% in early morning trading.

Trump’s move signals another major escalation in his trade policy, which has already led to retaliatory measures from China.

Earlier this month, Trump threatened to impose a 25% import tariff on Canadian and Mexican products, but later postponed the plan for 30 days after meeting with the leaders of both countries.

He also imposed a new 10% tariff on all Chinese goods entering the U.S. In response, Beijing enacted its own tariffs, which took effect on Monday.

Trump also announced that he would unveil more retaliatory tariffs "on Tuesday or Wednesday," which would take effect "immediately" after the announcement.

"We will impose reciprocal tariffs on those who take advantage of the United States. It will be great for everyone, including other countries," Trump stated.