Tariffs on steel imported into the United States is set to double to 50% under new proposals announced by Donald Trump.

U.S. trade talks with China are "a bit stalled" and getting a deal over the finish line will likely need the direct involvement of President Donald Trump and Chinese President Xi Jinping, U.S. Treasury Secretary Scott Bessent said on Thursday.

A one-two punch from the United States risks shattering the already fragile trade war truce between Washington and Beijing, with Chinese tech companies and students both dealt shock blows by the Trump administration Wednesday night.

The White House says it will appeal, adding "it is not for unelected judges to decide how to properly address a national emergency".

Stock indexes surged early on Thursday after the U.S. Court of International Trade unanimously ruled that Trump didn’t have the authority to impose the sweeping tariffs.