Base metals fell yesterday after US President Trump said, on his first day back in power, that he will likely impose tariffs of up to 25% on Mexico and Canada by February 1, the analysts say. ING commodity analysts Warren Patterson and Ewa Manthey.
Downside risks rise for industrial metals
“Trump also indicated that he was still considering a universal tariff on all imports to the US, but said he was ‘not ready for that yet’. This has raised the prospects of a renewed global trade conflict once again.”
“Tariffs are the biggest risk to our industrial metals outlook. We believe that with President Trump back in the White House, downside risks have increased for industrial metals.”
Source: Fx Street
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