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Steel Has Worst Week in a Year as Trump’s Tariffs Deepen Gloom

  • Rising inventories are a big reason behind the slump in prices
  • Fears that tariffs may spark global trade war also darken mood
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Trump Signs Tariff Order on Metals With Flexibility for Allies

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Steel’s had a bad week. Prices in China have slumped as inventories rise in the country that makes half the world’s supply, and increasing U.S. trade protectionism may only make matters worse.

Stockpiles in China could be set to expand even further as mills prepare to ramp up output after the end of winter curbs. And now President Donald Trump has slapped 25 percent tariffs on U.S. imports, with some exemptions, stoking concerns that steel blocked by the move could wash back into global markets.