Latest trade escalation: U.S. President Donald Trump said Sunday that he will announce on Monday new 25% tariffs on all steel and aluminum imports into the U.S., which would come on top of existing metals duties in another major escalation of his trade policy overhaul.

Trump, speaking to reporters on Air Force One, also said he will announce reciprocal tariffs Tuesday or Wednesday, to take effect almost immediately.

Trump, during his first term, imposed tariffs of 25% on steel and 10% on aluminum, but later granted several trading partners duty-free quotas, including Canada, Mexico and Brazil.

Former President Joe Biden extended these quotas to Britain, Japan and the European Union, and U.S. steel mill capacity utilization has dropped in recent years.

White House spokesperson Karoline Leavitt said that the new tariffs would come on top of the existing duties on steel and aluminum.

Trump on Friday announced that he would impose reciprocal tariffs — raising U.S. tariff rates to match those of trading partners — on many countries this week. He did not identify the countries, but the duties would be imposed "so that we're treated evenly with other countries."