President Donald Trump on Monday adjusted tariffs on some steel, aluminium and copper imports, lowering some tariffs on farming equipment and extending the lower rate to other equipment.

In an executive order, Trump lowered tariffs on agricultural equipment, including combines and harvesters, and heating, ventilation, and air conditioning (HVAC) systems, to 15 per cent from 25 per cent.

He expanded the existing category of industrial equipment that is subject to a 15 per cent tariff to include mobile industrial equipment, like bulldozers and forklifts — when they're imported from countries that have a trade deal with the US.