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The surprise inclusion of VAT to calculate tariffs prompts questions over the possible impact on British businesses.

"Cool heads" are needed to avoid escalating trade tensions with Donald Trump, sources have told the BBC.

The three major averages ended the session in positive territory on Monday, with Big Tech names rising.

(Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here.Most Read from BloombergNice Airport, If You Can Get to It: No Subway, No Highway, No BridgeSin puente y sin metro: el nuevo aeropuerto de Lima es una debacleThe Forgotten French Architect Who Rebuilt MarseilleIn New Orleans, an Aging Dome Tries to Stay SuperHow London’s Taxi Drivers Navigate the City Without GPSPresident Donald Trump ordered a 25% tariff on steel and aluminum imports, escalating his efforts

Investors are weighing Trump's pledge on Sunday to introduce additional 25% tariffs on steel and aluminum from all countries.

The president said he planned sweeping tariffs on all steel and aluminum imports on Monday and would take other action to even out tariff rates with the rest of the world later this week.

A looming decision in Washington to block Nippon Steel’s merger with U.S. Steel on national security grounds is raising sharp questions in Tokyo.