US tariff blitz bolsters Goldman’s bearish view on iron-ore
A cascade of US tariffs announced by President Donald Trump will hurt Chinese steel exports and help to drag iron ore prices below $90 a ton by the end of the year, Goldman Sachs Group said in a note. Washington’s “reciprocal” levies will hit shipments to top destinations including Vietnam, which has been battered by higher-than-expected duties and will see its own overseas sales crimped as global growth cools, analysts including Aurelia Waltham wrote.
A cascade of US tariffs announced by President Donald Trump will hurt Chinese steel exports and help to drag iron ore prices below $90 a ton by the end of the year, Goldman Sachs Group said in a note. Washington’s “reciprocal” levies will hit shipments to top destinations including Vietnam, which has been battered by higher-than-expected duties and will see its own overseas sales crimped as global growth cools, analysts including Aurelia Waltham wrote.
