President Donald Trump faces the challenge of convincing Republican senators, global investors, voters and even Elon Musk that he won’t bury the federal government in debt with his multitrillion-dollar tax breaks package.

The U.S. dollar fell against other major currencies on Monday, giving up some of the previous week's gains, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to hurt growth and unleash inflation.

The president is set to raise tariffs on steel and aluminum this week, even as the courts are challenging the legitimacy of other levies.

Asia stock markets trade in red on Monday, followed President Trump's announcement on Friday of plans to raise steel import tariffs from 25% to 50%, effective Wednesday, framing it as a step to reduce reliance on China.

By Tom Käckenhoff and Christoph Steitz DUESSELDORF/FRANKFURT (Reuters) -Salzgitter, Germany's second-biggest steelmaker, on Monday warned that Washington's tariff policy was dealing a severe blow to European industry,

President Trump would invoke other tariff authorities if his appeal of a trade court's ruling isn't successful, Commerce Secretary Lutnick said.