This morning in metals news, another major tariff hammer could be set to fall on Chinese goods coming into the U.S., iron ore prices continue to rise and copper falls.
More Tariffs on the Way?
The U.S. has already imposed tariffs worth a total of $250 billion on imports from China.
Since last month’s imposition of $200 billion in tariffs, tensions between the countries have not abated. According to Bloomberg, the U.S. plans to impose an additional $257 billion in tariffs — essentially covering all imports from China – if talks between President Donald Trump and President Xi Jinping fail to reach a resolution.
Iron Ore on the Rise
Iron ore prices were up Monday despite lower Chinese steel prices, Business Insider Australia reported.
Copper and other metals dropped Tuesday, affected by ongoing trade tensions between the U.S. and China, Reuters reported.
Trump and Xi are expected to attend next month’s G20 meeting in Buenos Aires, the report notes.