House Speaker Paul Ryan said he was “extremely worried” about the consequences of a trade war and urged the White House not to move ahead with the plan.
However, Trump remains committed to the plan.
RBC Capital Markets looked at the potential impacts on metals.
“We do not see tariffs materially changing iron ore prices (where we expect Chinese supply side reforms will continue to hold sway over prices, in our view),” it said.
“Our analysis suggests gold could perform well if lower US economic competitiveness and higher inflation weakens the dollar.
“Aluminium tightness in US physical premiums is likely to be offset by lower LME prices and more pres...