This morning in metals, President Donald Trump threatened to impose tariffs on all imports from Mexico, Shanghai steel prices are down and copper prices are en route to their biggest monthly fall since 2015.
Trump Threatens More Tariffs on Mexican Goods
The United States, Mexico and Canada continue to work reach an agreement to pass the United States-Mexico-Canada Agreement (USMCA) — that effort took a step forward earlier this month when President Trump announced the removal of the Section 232 steel and aluminum tariffs with respect to imports of the metals from the U.S.’s NAFTA partners.
However, the effort might have taken a step back, as this week Trump threatened to impose tariffs on all Mexican imports. On Thursday, Trump tweeted the U.S. will impose a 5% tariff on all goods from Mexico as of June 10.
Despite Trump’s tariff threat, the White House is still looking to push the USMCA through this summer. United States Trade Representative Robert Lighthizer submitted a letter to Congress to help kickstart approval of the deal, CNBC reported.
The USMCA must be ratified by the three countries’ legislatures before it can go into effect.
Shanghai Steel Prices Fall
Shangahi steel prices fell to close the week on oversupply concerns, Reuters reported.
Shanghai rebar prices dipped 0.9% to 3,771 yuan ($545.60) per ton, according to the report.
Copper Continues Slide
The copper price has been on the decline in recent weeks, and will post its biggest monthly drop since November 2015, Reuters reported.
The LME copper price dropped 9% this month, according to the report.