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US president Donald Trump announced on Sunday plans to impose 25% tariffs on all steel and aluminium imports into the US.

The president confirmed that he would make the formal announcement on Monday, marking another significant escalation in his ongoing trade policy overhaul.

Meanwhile, Trump suggested that Japan's Nippon Steel (5401.T) could make an investment in the United States Steel Corporation (X).

Trump and Japanese prime minster Shigeru Ishiba discussed a deal at a summit in Washington on Friday, according to Bloomberg.

Trump was then said to have told reporters on Sunday: "I don’t want US Steel being owned by a foreign country."

"All they can have is an investment," he added.

Shares in US Steel (X) were up more than 6% in pre-market trading on Monday morning, while Nippon Steel (5401.T) fell less than 1% at the start of the week.

McDonald's (MCD) stock headed around 2.5% higher in premarket trade on Monday following a set of results that slightly missed expectations. Here's the data:

Yahoo Finance UK's Vicky McKeever writes:

Shares in ITV (ITV.L) were up nearly 4% on Monday, following a report that investors in the broadcaster backed a deal involving its studio arm.

The Financial Times reported on Sunday that major shareholders supported efforts to explore a potential deal for ITV Studios, which is the production studio responsible for hit shows including The Traitors.

According to the report, ITV has held early talks with RedBird IMI, which bought rival studio All3Media last year.

Merging ITV Studios and All3Media could reportedly create a production group worth more than £3bn ($3.72bn).

A spokesperson for ITV had not responded to Yahoo Finance UK's request for comment at the time of writing.

Read more on Yahoo Finance UK

Russ Mould, investment director at AJ Bell, said:

Enrique Diaz-Alvarez, chief economist at financial services firm Ebury, said:

Oil prices edged higher as fears of escalating trade wars and increased inflationary pressures grew following new tariff threats on steel and aluminium, as well as potential retaliatory tariffs from China.

Brent crude futures rose 0.4% to $74.97 per barrel, while US West Texas Intermediate (WTI) crude climbed by the same margin to $71.31 per barrel.

The developments have raised concerns about the potential impact on global economic growth and energy demand. Experts warned that President Trump's tariff threats could lead to a full-blown trade war, further exacerbating fears that the US's protectionist policies might increase inflationary pressures domestically.

In response, China's retaliatory tariffs against the US took effect today, following failed negotiations between Beijing and Washington. Oil and natural gas traders are pushing for exemptions on US crude oil and liquefied natural gas imports from China.

Meanwhile, continued uncertainty surrounding US Federal Reserve policies, along with US sanctions on Iranian oil exports, has added further volatility to the energy markets.

Commenting on the proposed government changes, Patricia McGirr, founder of Repossession Rescue Network, said:

The government said over the weekend it is working to implement a plan that will speed up the process of buying and selling houses.

It's doing this through opening up key property information, ensuring this data can be shared between trusted professionals more easily, and driving forward plans for digital identity services to slash transaction times, according to a government release.

Taylor Wimpey (TW.L) was 1.1% higher, while Barratt Redrow (BTRW.L) rose 0.9%.

Yahoo Finance UK's Pedro Goncalves writes:

Gold prices soared to a record high as investors flocked to the precious metal for a safe haven as all-out trade war looms.

The spot price of gold jumped 1.2%, reaching $2,895.60 per ounce, while gold futures rose 1.17% to $2,921.40.

“Gold remains in a sweet spot, with little standing in its way,” Westpac Banking Corp. analyst Richard Franulovich said in a note.

“An intrinsically unpredictable and disruptive Trump, hurtling tariff threats at allies and adversaries alike, alongside the threats of 100% tariffs on the BRICs if they diversify away from the dollar, all point to a lift in gold’s safe haven appeal.”

The yellow metal has now gained 10% so far in 2025, building on its 26% rise in 2024.

Kathleen Brooks, research director at XTB, said: “Interestingly, Trump announced his latest tariffs late on Sunday, which suggests that he is not too worried about the market reaction.

"Typically, Trump has announced tariffs earlier in the weekend, as if he was watching the reaction and to give himself time to back track before stocks or risk assets sold off too sharply. This may suggest that Trump is determined to impose tariffs on these industrial metals.

“These tariffs are targeting specific products, rather than individual countries, which makes it hard for any negotiations to take place. We think that this move could boost the gold price, as it may lead to a further flurry of demand to bring gold on shore to the US, in case Trump imposes tariffs on precious metals.

“The question for investors is whether gold will reach the psychologically significant $3,000 level on the back of ever-growing tariff levies. So far, the gold price is higher by $25 early on Monday.”

PA reported Home Office minister Angela Eagle said:

The government will have to “wait and see whether the president gets more specific about what he meant by that comment”.

She said: “We have a very balanced trading relationship with the US – I think £300 billion worth of trade between our countries – and I think it’s in the best interests of both of us, as longstanding allies and neighbours, that we carry on with that balanced trade.”

Asian stocks were mixed on Monday, with tech stocks rallying into a third day, pushing up the Hang Seng (^HSI), and Japan's Nikkei (^N225) trading broadly flat.

The dollar strengthened following yet more tariff threats from president Donald Trump. The new president pledged to impose 25% tariffs on all imports of steel and aluminium, applied to imports from all countries, though he didn’t specify when they would take effect.

US stock futures were trending higher as markets opened in London, reversing some of Friday's losses following Trump tariff jitters.

Our US team writes:

US stocks fell on Friday as investors reacted to the threat of more possible tariffs from the Trump administration while digesting a jump in consumer expectations for inflation and an overshadowed monthly jobs report.

The S&P 500 (^GSPC) moved almost 1% lower, while the tech-heavy Nasdaq Composite (^IXIC) slid around 1.4%, both finishing their second week of consecutive losses. The Dow Jones Industrial Average (^DJI) also fell more than 400 points, or almost 1%, to register its worst daily performance in roughly four weeks.

At the White House on Friday, President Donald Trump said he would soon announce a plan on reciprocal tariffs on American imports. The comments were made during a meeting with Japan’s Prime Minister Shigeru Ishiba, during which Trump also said tariffs on Japan were an option.

The major gauges slid earlier into the red after US consumer sentiment sank to a seven-month low in early February, undershooting forecasts. Inflation expectations jumped amid concerns about Trump's tariff threats.

Hello from London. It's another week. Heading into mid-February, the flow of companies reporting financial reports has stemmed somewhat.

At 9.30am the Bank of England will release infrastructure head Sasha Mills' remarks she's set to make this morning at a roundtable for infrastructure firms.

Let's get to it.