Chinese steel companies mixed after Trump moves to impose tariffs
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Chinese steel companies had a mixed reaction on Friday after President Donald Trump launched a national security investigation that could lead to tariffs on steel imports.
The US will use a 1962 law allowing the government to limit imports that threaten its security readiness as Mr Trump seeks to deliver on his campaign promises to support American-produced steel.
Mr Trump tweeted: “We’re going to use American steel, we’re going to use American labor, we are going to come first in all deals.”
Trump insisted the move “had nothing to do with China” – the world’s largest steel producer.
Shares in Baoshan Iron and Steel Co were flat after rising as much as 1 per cent in early trading. Hebei-based Hesteel was down 1.3 per cent after recovering from a 4.1 per cent dip. Angang Steel’s Hong Kong-listed shares were up 0.8 per cent, while its shares in Shanghai rose as as much as 1.5 per cent before easing to be up 0.4 per cent.
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