Shares of Indian metal firms felt the pain of US President Donald Trump's latest tariff threats as share prices of leading names tumbled on Monday.
Trump, in his latest pursuit to 'Make America Great Again', unveiled plans to impose 25% tariff on all imports of steel and aluminum. He said the tariffs would apply to import of the metals from all countries.
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This comes after a series of threats against Mexico, Canada and China. While tariffs on Mexico and Canada are on hold, China's retaliatory tariffs on US goods will take effect on Monday.
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Trump also said he would announce reciprocal tariffs this week on countries that tax US imports, according to Bloomberg. Those would go into effect “almost immediately” after an announcement, Trump said, without providing further detail.
Canada, Mexico, Brazil and South Korea are the US' top overseas steel suppliers, Bloomberg News reported.
India's metal stock gauge — Nifty Metal — fell as much 3.1% during the day on Monday, with Vedanta Ltd. and Steel Authority of India Ltd. leading the fall.
Shares of Vedanta and Sail fell over 4% each, with their shares trading 4.40% and 4.11% down as of 10:41 a.m., compared to a 0.67% decline in the benchmark Nifty 50.
Counters of Tata Steel Ltd., National Aluminium Co. and JSW Steel tumbled over 3% during the session. All 15 companies in the Nifty Metal index were trading lower, with the sector being the top loser.
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