Metals industry's reaction to US-China deal muted

The United States and China reaching a partial trade agreement elicited a muted response from metals markets this week.

“We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more. The 25% tariffs will remain as is, with 7½% put on as much of the remainder,” US President Donald Trump wrote on Twitter on Friday December 13.
Trump continued, “The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!”

Said ISRI’s assistant vice president for international affairs Adina Renee Adler: “We welcome progress in trade talks between the United States and China and look forward to additional steps that lead to both countries removing more tariffs in the near future.” 
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Published

Michael Roh

December 18, 2019

11:25 GMT

New York