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.

Wall Street is trending lower before the opening bell Tuesday following new tariffs announced by the White House. There are also more corporate earnings arriving ahead of the appearance of Federal Reserve Chair Jerome Powell,

The 25 percent tariffs on imported steel and aluminum are the latest salvo in his ongoing effort to overhaul the U.S. trading relationship with the rest of the world.