US President Donald Trump said on Sunday he will introduce new 25% tariffs on all steel and aluminum imports into the US, on top of existing metals duties. He also said he will announce reciprocal tariffs on Tuesday or Wednesday.
Shares of steelmakers in Asia mostly fell on Monday, save for those with operations in the United States. The dollar rose and US Treasury yields ticked higher.
Here is what market participants are saying:
Senior Market Analyst at OANDA, Singapore Kelvin Wong says, “Trade War 2.0 is different in scope and implementation from Trade War 1.0 in 2018 as it involves more countries …(and)includes all US major trading partners that have significant trade surpluses with the US.
“All in all, Trade War 2.0 may upend global trade flows that in turn dampen global economic growth prospects, which may lead to a stagflation environment.
“Investors and short-term traders are now in flux in terms of playbook positioning as …
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