Stocks, dollar decline as Trump ups steel tariffs

Stock markets and the dollar recoiled Monday after President Donald Trump announced he would double US tariffs on global steel and aluminium, and accused China of violating a deal to slash tit-for-tat levies. China on Monday said it "firmly rejects" US claims that it had violated a sweeping tariffs deal, as tensions between the two economic superpowers showed signs of ratcheting back up.