Global Steel Stocks Take Hit Amidst Trump's Tariff Announcement

Global steel market faces turbulence as former U.S. President Donald Trump announces new tariffs on steel and aluminum imports. The EU and South Korea consider responses, fearing a trade war. Industry leaders voice concerns over economic impacts on both domestic and international fronts.

Global steelmakers faced a volatile market on Monday following U.S. President Donald Trump's declaration of a 25% tariff on steel and aluminum imports. This move, which comes as part of a broader trade strategy, has already seen stocks tumble across European and Asian markets.

The European Union has indicated potential retaliation, with further announcements from Trump expected soon on reciprocal tariffs matching those on U.S. goods. Major steel exporters to the U.S., including Brazil, Canada, and Mexico, are watching closely as the situation unfolds.

Industry leaders within the U.S. and abroad express concerns over the impact on economic relations and domestic production costs. As discussions continue, stakeholders are urging diplomatic resolutions to prevent a full-scale trade war.

(With inputs from agencies.)