What do US tariffs mean for steel & aluminium?

President Trump’s tariffs on imports of steel and aluminium are likely to be a bigger deal for the price of US steel than aluminium. But US steel prices have already surged, which coupled with higher-priced imports, seems likely to depress demand. As such, we think that prices will fall back over the coming months. In contrast, we expect that the price of aluminium will largely be unaffected by higher US tariffs.