Trump - a man of steel (and aluminium)
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What is the new 25% tariff proposal on steel and aluminium and which countries are most affected?
Tariffs are back and it's steel that Trump is focused on now and aluminium or aluminum as they call it over there with Mexico and Canada again likely to bear the brunt of that. So how many different sorts of tariffs are there? And does it put Jerome Powell in an awkward spot as he fronts up in front of the Joint Economic Committee in Washington tonight? It's Tuesday, it's the eleventh of February 2025. It's the morning call from NAP. Good morning. Yeah, I wonder whether you could get off that by saying this isn't uh aluminum, this is aluminium. Uh completely different thing. Worth a shot, isn't it? But on the steel side of things, I wonder whether Australia is going to be exempt this time round. It was, of course, in Trump one point oh, but will it work this time?
Uh apparently Anthony Albany Albanese is going to be talking to Donald Trump, so we'll find out uh whether that works or not. Meanwhile, got a small increase in the US dollar overnight it's up about naught point three percent, but no massive currency moves, although the US dollar is up naught point four percent on the Japanese yen. Small moves in bond yields as well. Aussie ten years, we're up four basis points yesterday to four point four percent, now a couple of basis points higher. And that is the story the world over. It seems just one or two basis points in it, if that at all. Shares are higher up one percent for the Nasdaq at close, naught point seven percent for the S SP 0.4% for the Dow. Some good moves in Europe as well, where the Eurostox 50 closed up 0.6%, so did the DAX, the FTSE 100 up 0.8%.
Some interesting late-breaking news in the session as well that an Elon Musk-led group is making a $97.4 billion bid for control of OpenIAI, according to the Wall Street Journal. You just wonder how Microsoft. Would be feeling about that. It is a race that is clearly on. We've got big moves in oil as well.
What are the three different types of tariffs Trump could impose and what are their objectives?
WTI is up 2.1%, up 1.8% for Brent, which is now back at 76 a barrel. Gold is higher too. Spot Gold and Comics both up 1.6%, around 2,900 an ounce. So uh we warned yesterday. that em mu on Monday in the United States it would be a day of tariff news. Well actually Sunday afternoon was when the news broke uh from uh the White House, well actually from Air Force One, uh, that a proposal of twenty five percent tariffs on steel and aluminium aluminum imports from anywhere, uh including a lot of it obviously comes from Mexico and Canada, just after they thought they were off the hook and we're told this is only a small slice of Donald Trump's trade agenda. Well, Nab's Gavin Friend is uh with me this morning to talk about that and everything else.
So uh what do you make of this, Gavin?
Yeah, I'm on it, Phil. I mean, well, you know, first thing to say is as we speak, um, some twenty four hours after uh Trump's comments on Air Force One. We still none the wiser in terms of when these things might come in. Um, you know, you're right. Uh in terms of the steel and aluminium, um, once again it's Canada. Mexico, China in the front line, a host of other nations following up, including Brazil, Germany, South Korea. So you know, the markets working through these.
Those nations uh that are currently imposing tariffs on the US, like for instance Europe uh on yes, on Europe um uh on cars, where the Europe charges ten percent for to import uh US cars, whereas the US charges two and a half percent, and on China fifteen percent on cars, twenty five percent on certain foodstuffs. Other than saying that uh once uh you know, officially named they'll be implemented immediately. I mean there's some suggestion that these will come today or tomorrow. Uh what does seem to be clear, uh ha as has been the case for the last two weeks on matters tariffs, is that they're all uh in some ways uh a form of uh negotiating tactic from which to extract um concessions. Um of course we don't know once all that is done, the extent to which um yeah the US wants to impose tariffs as a revenue generating to
Well, yeah. Well see, that was it, that's it, isn't it?
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Chapters
8 chapters
1
What is the new 25% tariff proposal on steel and aluminium and which countries are most affected?
0:01–1:46
2
What are the three different types of tariffs Trump could impose and what are their objectives?
1:46–4:25
3
How might Europe respond to U.S. tariff threats with trade deals and defence cooperation?
4:25–6:55
4
Why is this week being described as a fact‑finding mission for Trump’s trade strategy?
6:55–9:10
5
What did Christine Lagarde say about the Eurozone job market and inflation risks from trade frictions?
9:10–11:01
6
What challenges will Jerome Powell face during his Joint Economic Committee testimony?
11:01–12:57
7
How is the Bank of England’s policy outlook evolving amid rising UK inflation?
12:57–14:52
8
What are the key market reactions to the latest U.S. and global economic data releases?
14:52–16:59