Market Jitters: US Tariffs Shake Metal Stocks Worldwide
Metal stocks saw significant declines following the US announcement of a 25% tariff on steel and aluminium imports, impacting major companies like National Aluminium and Tata Steel. These tariffs, part of President Trump's broader trade policy, led to fears of reduced demand and pressure on pricing.
- Country:
- India
On Monday, metal stocks experienced a sharp decline after the US declared a 25% tariff on steel and aluminium imports, a move announced by President Donald Trump. This decision affected heavyweight stocks as investors reacted unfavorably.
Shares of National Aluminium Company nosedived 4.83% and SAIL tumbled 4.67%, while Vedanta and NMDC dropped 4.31% and 3.95%, respectively, on the BSE. Similarly, Tata Steel saw a decrease of 3.11%, reflecting the market's overall shift.
Experts express concern over the impact of these tariffs, with Siddhartha Khemka of Motilal Oswal Financial Services highlighting fears of dwindling demand, amid weakened market sentiments. Moody's Ratings also suggests increased challenges for Indian steel exporters following these developments.
(With inputs from agencies.)
Google News