U.S. President Donald Trump's 25% tariffs on steel and aluminium sent gold to record highs on worries of widening trade conflict and inflation, while some countries held out hope for negotiations and Chinese steel firm shares came under pressure.

The rapid-fire shots of tariffs and import curbs hearken back to Trump’s first term in office, when the U.S. and China engaged in a trade war that spanned most of Trump’s first four years in office and was continued to a certain extent under his successor, Joe Biden.

President Donald Trump signed an order Monday imposing global tariffs of 25% on all steel and aluminum imports, likely pleasing domestic steelmakers but hurting allies like Canada and Mexico.