SEOUL/HANOI (Reuters) -Shares in South Korean and Vietnamese steelmakers, major Asian exporters of the metal to the United States, dropped on Monday after U.S. President Donald Trump said he would double tariffs on imported steel and aluminium to 50%.

President Trump said at a rally in Pennsylvania on Friday that he is going to double tariffs on steel imports from 25% to 50%. The hike, the president said, "will even further secure the steel industry in the United States.

President Donald Trump warns of economic ruination if courts rule against his tariffs after the U.S. Court of International Trade blocks emergency import taxes.

The so-called TACO trade will be tested as markets wait to see if Trump will actually follow through with his latest threat or if he will put it on hold soon.

A legal argument that the US Supreme Court used to foil Joe Biden on climate change and student debt now looms as a threat to President Donald Trump’s sweeping tariffs.

President Donald Trump announced Friday that he would set tariffs on steel imported into the United States at 50%, double their current rate.

Homebuilder stocks rallied on Thursday, in a sign that residential construction will benefit from the ruling striking down Trump's tariffs.

Wells Fargo's Christopher Harvey thinks a 10% tariff could be split evenly between importers, corporations, and consumers.

Amid court challenges, the White House asserts confidence in President Donald Trump's tariff strategy, emphasizing the administration's focus on maintaining fair trade practices.