Not everyone is happy that the U.S. paused tariffs against China. 

Steel stocks were falling precipitously after U.S. Treasury Secretary Steve Mnuchin said that the U.S.'s burgeoning trade war with China was on hold as the two countries negotiate more palatable trade agreements. 

The U.S. was set to impose tariffs on China steel imports, effectively providing cover for U.S. steelmakers' interest. With those tariffs now on hold, competition with cheaper priced Chinese goods is back on. 

Investors weren't taking the news lightly Monday, sending U.S. steel stocks tumbling across the board. 

Allegheny Technologies Inc. (ATI - Get Report) shares were down 0.25% to $28.48.

Commercial Metals Co. (CMC - Get Report) shares were down 1.24% to $23.83.

United States Steel Corp. (X - Get Report) shares fell 4.64% to $34.77. 

AK Steel Holding Corp. (AKS - Get Report) shared dropped 4.49% to $4.49. 

The VanEck Vectors Steel ETF (SLX - Get Report) was down 0.65% to $50.40. 

The wider market meanwhile is celebrating the news, pushing the Dow Jones Industrial Average up more than 1.25% to 25,024 while the Nasdaq gained 0.63% to 7,400 and the S&P 500 was rising 0.8% to 2,734.