Published by Global Banking & Finance Review®
Posted on February 10, 2025
2 min readLast updated: January 26, 2026
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Trump's 25% tariffs on steel and aluminium imports stir global markets, impacting shares and currencies, with uncertainty looming.
SINGAPORE (Reuters) - U.S. President Donald Trump said on Sunday he will introduce new 25% tariffs on all steel and aluminum imports into the U.S., 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 U.S. Treasury yields ticked higher.
Here is what market participants are saying:
DAMIAN ROONEY, INSTITUTIONAL SALES DIRECTOR, ARGONAUT, PERTH:
"Trump and tariffs causing a huge amount of uncertainty, and no one likes that!
"The market...is trying to digest Trump and the economy."
CHARU CHANANA, CHIEF INVESTMENT STRATEGIST, SAXO, SINGAPORE
"These threats appear legitimate and within Trump's power to implement on the basis of national security. The old playbook can't be used because China is no longer a significant supplier of steel to the U.S. after the 2018 tariffs. Instead, the impact will be more pronounced on countries like Canada, Mexico, the EU, Japan, South Korea, Taiwan, and Brazil.
"The immediate concern, however, might not be inflation, as there could be counter effects such as demand slowdown. The bigger concern is the uncertainty and the shift towards a more protectionist world."
TONY SYCAMORE, MARKET ANALYST, IG, SYDNEY
"It's been a very different reaction. This week started like last week did - we've seen tariff headlines, but the reaction has been somewhat different across asset classes... U.S. equity futures are trading higher, and in fact, even the ASX 200 has bounced somewhat off its early lows. The Aussie dollar is still struggling a little bit, but my feel is that... after the whipsaw ride we saw last week, there's going to be less of a temptation now to shoot first and ask questions later."
DANIEL HYNES, SENIOR COMMODITY STRATEGIST, ANZ, SYDNEY
"I suspect U.S. manufacturers will have to wear higher prices as a result of these 25% tariffs. Its import reliance is high, around 40-45% for aluminium and 12-15% for steel.
"I suspect we see regional pricing react first. U.S. prices are likely to be big higher, with traders anxious to secure metal before the tariffs are applied. "
(Reporting by Asia markets team; Editing by Lincoln Feast.)
The article discusses the impact of Trump's 25% tariffs on steel and aluminium imports on global markets.
Asian steelmaker shares mostly fell, the US dollar rose, and US Treasury yields ticked higher.
Countries like Canada, Mexico, the EU, Japan, South Korea, Taiwan, and Brazil are expected to be most affected.
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