New threats of tariffs from U.S. President Donald Trump put pressure on the euro and the Australian and Canadian dollars early on Monday, though traders walked back some of the moves in European trading.

Trump said he would announce 25% tariffs on all steel and aluminium imports into the U.S. later on Monday, as well as reciprocal tariffs on Tuesday or Wednesday that will be applied to all countries and matching the tariff rates levied by each nation.

The latest salvo added to jitters over a global trade war, with China's retaliatory duties on U.S. goods due to take effect on Monday.

The Canadian dollar was among the biggest fallers among developed market currencies, with the dollar up 0.30% at C$1.4342.

Canada is a major exporter of steel and aluminium to the U.S., along with Brazil, Mexico, South Korea and Vietnam, according to government and American Iron and Steel Institute data.

But the Canadian currency is still well off the C$1.4792 to the dollar it touched a week ago in the aftermath of Trump's plan - since postponed - to impose 25% tariffs on all Canadian goods. That rate was its weakest in over 20 years.

The U.S. is also the second largest market for EU steel exports, and the euro dipped nearly 0.5% at one point in Asia trade. It was last at $1.03115, 0.15% weaker,

The Australian dollar, likewise pared early losses to last trade down 0.1% at $0.6270.

As with the Canadian dollar, neither currency was at the lows of last Monday at the height of the tariff fears. On that day euro dropped as low as $1.0125, a two-year low, and the Aussie to a near five-year low of $0.6086.

"Tariffs are back in focus. Last week there was a bit of a reprieve for markets where he (Trump) held up from hiking on Canada and Mexico, but that looks like it was fairly short lived," said Lee Hardman, senior currency analyst at MUFG.

Hardman also said the proposals for reciprocal tariffs "could potentially be more disruptive for global trade and the global economy, though obviously depending on the exact details of that announcement".

The day's largest mover, however, was the Japanese yen, on which the dollar gained 0.55% to 152.24. Hardman said this appeared to be a case of exhaustion after the Japanese currency had a strong last week in which the dollar dropped 2.5% in its biggest weekly fall since November.

Beyond Trump, investor focus will be on U.S. inflation data on Wednesday and an appearance by the Federal Reserve Chair Jerome Powell before the House of Representatives on Tuesday and Wednesday, with tariffs likely to be in the spotlight.

Analysts have said that tariffs could be inflationary and put further pressure on the Fed to keep interest rates elevated. Markets are pricing in 36 basis points of cuts this year, down from 42 bps, after an upbeat payrolls report on Friday.

Back in Europe, Norway's crown strengthened after an unexpected rise in the country's core inflation.

The euro was last down 0.3% on the crown at 11.573 , its lowest since November.

(Reporting by Ankur Banerjee in Singapore and Alun John in London; Editing by Jacqueline Wong, Jamie Freed, Aidan Lewis and Ed Osmond)