Winners and losers from new tariffs
Winner: US steelmakers
PRODUCERS such as Nucor, AK Steel Holding and US Steel will reap the benefits. They have aggressively lobbied for trade defences against what they see as unfair competition from China, Russia and South Korea.
A tariff around the level currently discussed - 25 per cent on steel and 10 per cent on aluminum from all countries - is expected to drive up US steel prices. Domestic hot-rolled coil, an industry benchmark, has already rallied in anticipation, reaching about US$780 per metric ton, according to Metal Bulletin prices.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Indonesia’s push for regional economic integration to continue under Prabowo: Vivian Balakrishnan
Outgoing Singapore, Indonesia leaders to hold their final retreat in Bogor on Apr 29
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch