US stocks rise on tariff pushback

WALL Street indices rose by around 1% overnight after a key member of Donald Trump’s party urged against his plan to impose tariffs on steel and aluminium imports.

US stocks rise on tariff pushback US stocks rise on tariff pushback US stocks rise on tariff pushback US stocks rise on tariff pushback US stocks rise on tariff pushback

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...