Check back for updates throughout the trading dayU.S. equity futures extended declines in early Tuesday trading, matching downside moves for oil prices and the dollar, as markets reacted to the fast-changing dynamic on tariffs and the potential for a protracted trade war between the world's two biggest economies.

Stocks in Asia were mostly down Tuesday, after U.S. President Donald Trump imposed 25% tariffs on all U.S. imports of steel and aluminum. Trump said over the weekend he would announce 25% tariffs on all steel and aluminum imports,

The top three suppliers of steel to the US are Canada, Brazil, and Mexico. China is the 10th largest supplier of steel to the country.

U.S. stocks closed higher as investors snatched up aluminum and steel shares on President Trump's plan for a 25% tariff on those imports.

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.

U.S. stock futures were sliding Tuesday after President Donald Trump set into motion a plan to impose 25% tariffs on steel and aluminum imports. Trump signed dual executive orders for steel and aluminum levies that he said on Monday were “the beginning of making America rich again.

The response was in line with losses across most Asian markets amid Trump's commitment to imposing tariffs on imports, raising concerns over potential disruptions in global supply chains.