Global market implications from US tariffs on aluminium and steel imports

US President Trump signed executive orders imposing 25% tariffs on all steel and aluminium imports into America from 4 March, granting no exemptions. On the condition of no significant exemptions, Ehsan Khoman, Head of Research – Commodities, ESG and Emerging Markets (EMEA), expects the aluminium and steel tariffs to be largely passed through to US (and less global) prices. Listen to this week’s podcast wherein Ehsan contextualises what is at stake and whether copper tariffs may be the next watchpoint for global markets.