Tag: Trump

The US will apply tariffs to the full value of aluminum-containing imports under a new Section 232 framework with tiered duty rates.

Markets remained frazzled last week as the conflict in the Persian Gulf entered its fourth week – with no end in sight.

Markets have been taken aback by the intensity of the conflict and the Iranian retaliatory strikes on at least 14 different countries. Investors were also shaken by the severe disruptions to oil and gas flows coming out of the Persian Gulf.

Based on our experience of watching previous conflicts, we believe investors tend to have a rather dispassionate view of conflagrations as long as there is no potential impact on oil flows. Although some oil producers have voluntarily curbed shipments through the Gulf, they might resume them once things settle down.

The new tariff is expected to be enacted over the next several days using Section 122.

The US Supreme Court may issue a decision Friday on the tariffs President Trump imposed under the International Emergency Economic Powers Act. Or maybe next week.

The bill on the IEEPA tariffs will go to the Senate for a vote.

The soaring Midwest premium, scrap bans, tariffs and geopolitical issues—we have plenty to talk about in 2026.

From the physical side, as prices for key commodities soar, demand retrenchment – if not outright destruction – materializes. We see this sign most clearly in the Chinese physical markets, which have turned extremely quiet of late in light of the steep price run-ups. That’s particularly the case in copper, nickel, and aluminum.

Trade deals, substitution, and the Midwest premium in the year ahead