Iron Ore and Other Metals Drop After Trump’s China Tariff Threat
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Iron ore and most base metals fell after US President Donald Trump said that he could hit China with 10% tariffs on all imports from as early as next month.
Singapore iron ore futures declined as much as 1.3% after the president’s threat, which he said was in response to China sending the drug fentanyl to North America. While the US is not a key importer of Chinese steel, its tariffs could impact the domestic market and dampen the prospect of economic recovery.