Worries about President Trump’s tariffs are hurting U.S. stocks as financial markets worldwide drop on concerns about a potential trade war.

This policy has already sparked a positive reaction in the stock market, with steel stocks showing immediate gains.

President Donald Trump on Monday expanded his steel and aluminum tariffs to cover all imports, effectively canceling deals with the European Union, the United Kingdom, Japan and others. The new executive orders build off the 25 percent tariff on steel and the 10 percent tariff on aluminum Trump imposed in 2018 during his first administration by raising duties,

India's smaller steelmakers could be forced out of business by a further surge in imports resulting from sharp tariff increases imposed by U.S. President Donald Trump, industry executives warned on Monday.