Metals Decline Following US Tariffs on Imports from China Canada and Mexico
Iron ore and aluminum prices fell after President Trump imposed tariffs on imports from China, Canada, and Mexico, raising fears of a trade war impacting global growth.
Iron ore and aluminum prices fell significantly following President Donald Trump's announcement of tariffs on imports from China, Canada, and Mexico, raising concerns about a potential trade war that could hinder global economic growth.
The price of iron ore dropped by as much as 3.5% in Singapore, while aluminum experienced a decline of up to 1.5% on the London Metal Exchange. President Trump imposed a 10% levy on imports from China, alongside 25% tariffs on goods from Canada and Mexico.
The stronger US dollar, which saw an increase of 1.2%, further contributed to the decline in metal prices, as the more expensive currency makes these commodities costlier for most buyers worldwide.
