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The Downside to Trump’s Tariffs

Mark O'Hara
Updated
The Downside to Trump’s Tariffs

Donald Trump’s steel and aluminum tariffs have led to a spike in US steel prices and physical aluminum premiums. The spreads between US and international steel prices are now at historical levels. For instance, according to SteelBenchmarker, US hot rolled coil and cold rolled coil prices are approximately 60% higher than international export prices. US Midwest physical premiums, which fell sharply in 2015 after end users’ complaints of a rigged market led to changes in London Metals Exchange warehousing rules, have also spiked since the Section 232 tariffs.

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