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Trump's Steel Tariffs Throw A Spanner Into Commodities Works

Just as institutional investors started once again warming up towards commodities after a long period of falling prices, the decision by the US to introduce tariffs on imports of steel and aluminium is threatening to disrupt the investment flow into commodities. The tariffs, which go into effect before the end of March, have already triggered a domino effect in the heavily intertwined global commodities trade and it is far from clear where the last domino will fall. The first, albeit wrong, assumption of outsiders of the metals markets was that the tariffs would protect the US steel industry from cheap Chinese imports....