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U.S. Trade Battle Fuels Metals' Longest Weekly Slump Since 2015

  • Metals post fifth weekly drop after China promises payback
  • Nickel among worst amid fallout in China steel and iron ore
Bloomberg business news

Steel Stocks Fall on Trump Tariffs

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Base metals posted a fifth straight weekly loss in London as the trade conflict between the U.S. and China escalated, with nickel bearing heavy losses amid fears the rift will derail global growth and dent usage in China’s steel-making sector.

Most metals slumped on the London Metal Exchange after U.S. President Donald Trump ordered tariffs on $50 billion worth of imports from China on Thursday, and Beijing announced retaliatory duties shortly afterward. Copper and aluminum hit fresh three-month lows and mining majors including Glencore Plc and Rio Tinto Group dropped in London. Gold rallied as investors flocked to haven assets.