Trump Administration Plans Steel, Aluminium Tariff Reductions

The Donald Trump administration plans to scale back some tariffs on steel and Aluminium goods, a move reported by the Financial Times. This decision comes as officials from the United States===United States Department of Commerce and the United States===United States Trade Representative believe the tariffs are harming consumers by raising prices. The administration is reviewing affected products and intends to exempt some items, halt further tariff expansions, and instead launch more targeted national security probes. This initiative is aimed at addressing voter concerns about the cost of living and refocusing attention on US manufacturing ahead of the November midterm elections. Following the report, Aluminium prices sank to a one-week low on the London Metal Exchange and the Shanghai Futures Exchange, reflecting market anticipation of increased supply.