US stocks were mixed, and global stocks fell heavily as the news was digested.
“Trade wars are good, and easy to win,” Trump tweeted on Friday.
The President has since threatened to tax all European cars the US imports.
Aluminium was down by 0.6% on Friday, while the Metal Bulletin iron ore price fell by 1%.
Zinc fell by nearly 1.7% to US$3358 per tonne, equalling 2018 lows seen in early January.
According to Bloomberg, deliverable zinc stockpiles in Shanghai Futures Exchange warehouses rose for a ninth week, up by 31% last week, the most since 2007.
Cobalt fell below $80,000/t for only the second time since the start of Feb...