US President Trump stated there will be no exceptions to aggressively taxing US buyers of foreign metals (due to start on 4 March, giving time for US companies to plead for exceptions). If there is no retreat, this will reduce US steel consumers’ competitiveness via higher import and domestic costs (if domestic metal producers raise prices under cover of the tariff). Retail consumers are less likely to notice the tax, unless job losses are explicitly linked to it.
UBS On-Air: Market Moves