US aluminium, steel prices jump, shares drop on Trump's new tariffs [View all]
Source: 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%.
Trump announced on Friday the new steel and aluminium levies, which take effect on June 4, intensifying a global trade war just hours after he accused China of violating an agreement with the U.S. to mutually roll back tariffs and trade restrictions for critical minerals.
The U.S. is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of steel imported in 2024, according to the Department of Commerce.
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"Higher prices are also likely to weigh further on U.S. steel demand from the manufacturing sector, which we already expect to contract this year," said analyst Eoin Dinsmore at Goldman Sachs.
Read more: https://www.reuters.com/world/asia-pacific/south-korea-minimise-impact-50-tariff-steel-products-ministry-says-2025-06-02/
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