Trump expands tariffs on steel and aluminium imports to boost domestic production, impacting global trade

From Investing.com: 2025-02-11 04:03:00

US President Donald Trump has announced a 25% tariff on steel and aluminium imports, effective March 12, targeting all US imports, including from Canada and Mexico. This move aims to boost domestic production and jobs, despite previous tariffs not increasing production. The US heavily relies on Canada for aluminium and steel imports.

Gas prices in Europe hit a two-year high, with TTF futures surpassing €58.5/MWh due to cooler weather, supply disruptions, and low inventory levels at 48.5%. US natural gas prices also rose with forecasts of colder temperatures. Oil prices are above $72/bbl and $76/bbl amidst drone assaults in Ukraine and Russia.

Arabica coffee prices hit record highs on tight global supplies, with exports down 6.3% from last year. Money managers are bullish on coffee futures, while US coffee stocks remain low. Corn and wheat export inspections rose, while soybean inspections dipped. Tariffs on steel and aluminium imports may impact US prices and global trade patterns.



Read more at Investing.com: Trade War Fears Loom as Trump Expands Tariffs on Key Metal Imports