US Tariffs Hammer Down Nifty Metal Index

Mumbai: The share prices of JSW Steel Limited and Tata Steel Limited fell on Wednesday, leading to a decline in the Nifty Metal index. This drop comes as the US imposed new tariffs on steel and aluminum, impacting global market sentiment.

US President Donald Trump announced a 25 per cent duty on steel and aluminum imports without any exemptions.This move is expected to affect metal prices in the international market. Despite concerns raised by American industries, including aluminum giant Alcoa Corp, Trump proceeded with the tariff hike.

Alcoa had warned that these tariffs could put thousands of jobs at risk and drive up costs for American consumers already struggling with inflation.Following the news, the Nifty Metal index dropped by 1.85 per cent to a low of 8,732.95.