Futures tracking aluminum and steel prices in the US surged after President Donald Trump said he will double tariffs on the metals this week.

By Eric Onstad, Hyunjoo Jin and Hongmei Li LONDON/SEOUL/SINGAPORE (Reuters) -U.S. prices of steel and aluminium spiked on Monday while shares of foreign steelmakers slumped after U.S. President Donald Trump said he would double tariffs on imports of the two metals to 50%.

President Donald Trump issued a new statement regarding the House-passed bill he has dubbed the "big, beautiful bill," calling on Republican Senators to work on getting it passed and to his desk before the Fourth of July. Newsweek reached out to Republican Senate Leader John Thune's office for comment via email Monday.

As the Senate prepares to put its imprint on President Donald Trump's One Big Beautiful Bill Act this week, Republicans are grappling over the potential impact the megabill might have on the national debt,

Republican senators have been voicing their concerns about some measures in President Trump's "big, beautiful bill" after it was passed by the House of Representatives. NBC News' Sahil Kapur reports on the uncertain future the legislation has in Congress and the deadline lawmakers will soon be facing to raise the debt ceiling.

The president's plan - where countries face between 11% to more than 100% tariffs on goods brought into the US - was announced in April. But the majority of the tariffs were paused by Trump for 90 days in the wake of stock market volatility.

U.S. President Donald Trump's tariff decisions since he took office on January 20 have shocked financial markets and sent a wave of uncertainty through the global economy. Here is a timeline of the major developments: February 1 - Trump imposes 25% tariffs on Mexican and most Canadian imports and 10% on goods from China,

Survey finds ‘overwhelming majority of countries simultaneously exhibit worsening views of the United States and improving views of China’

President Donald Trump believes the United States will plunge into “economic ruination” if his tariff plan is struck down permanently. A federal court blocked his “Liberation Day” tariffs this week before an appeals court reinstated them the next day.