By Eric Onstad, Hyunjoo Jin and Hongmei Li LONDON/SEOUL/SINGAPORE (Reuters) -U.S. prices of steel and aluminium spiked on Monday while shares of foreign steelmakers slumped after U.S. President Donald Trump said he would double tariffs on imports of the two metals to 50%.

European steel buyers and some manufacturers could benefit from 50% U.S. tariffs on the metal, but the potential for the eye-watering duty rate has rocked the already struggling industry. U.S. steel prices are set to climb further as a result of the higher tariff rate expected to come into effect this week,

In the aftermath of steel and aluminum tariffs during Trump's first term, major appliances showed price increases of between 5% and 10% between June 2018 and April 2019, Jason Miller, a professor of supply chain management at Michigan State University, previously told ABC News, citing a monthly government data release.