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Singapore (Reuters) – The president of the United States, Donald Trump, said on Sunday that he will present new 25% tariffs on all imports of steel and aluminum in the United States, in addition to existing metal tariffs. He also said he will announce reciprocal tariffs on Tuesday or Wednesday.
Steelmakers’ actions in Asia fell mainly on Monday, except those with operations in the United States. The Rose dollar and the United States treasure yields increased more.
This is what market participants say:
Vasu Menon, Managing Director, Investment Strategy, OCBC, Singapore
“It is not clear if Trump’s latest steel and aluminum rates is a negotiation strategy that can reduce later. After all, if it is implemented, it will also damage the United States given its dependence on steel and aluminum imported to Canada and Mexico, which are important suppliers of the main suppliers of these metals to the United States
The markets will be nervous and volatile with the growing commercial war and investors must step on caution for now and prepare to possibly more market turbulence. “
Kyle Rodda, Senior Market Analyst, Capital.com, Melbourne
“It adds to the possible shock of imminent price of Trump’s commercial policy. In the short term, that is inflationary. As long and together, it will be a drag for growth. Now there is also the question of a tit -for -tat Dynamic that emerges in the global economy as competitors as China respond with smuggled measures. “
Volume Kinoshita, Global Market Strata, Investco Asset Management Japan, Tokyo
“Although the details (25% of the steel and aluminum rate) have not been published, taking into account that the United States imports more than $ 100 billion annually for steel and combined aluminum, the additional annual rate that results from this new Rate will be around $ 25 billion.
Charu Chanana, Strata Chief of Investments, Saxo, Singapore
“These threats seem legitimate and within Trump’s power to be implemented on the basis of national security. The old play book cannot be used because China is no longer a significant steel provider to the United States after 2018 rates .
