Steel and aluminium producers across Asia sank Friday on news of Donald Trump's controversial tariffs, though some analysts said the long-term effects on the sector might not be as bad as thought. The president said Thursday he would slap levies of 25 percent on steel and 10 percent on aluminum imports, delivering an election campaign promise to put "America First" and protect US jobs from what he claims are unfair trade practices. The announcement has been met with fury across the world -- even from those in his own Republican Party -- with warnings it could spark a painful global trade war, sparking a sell-off on equity markets already on edge over fears of rising US interest rates.
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