“TARIFF FATIGUE”
But Trump went ahead with tariffs on China, the world’s second-biggest economy, with products entering the United States facing an additional 10 per cent levy.
Chinese retaliatory tariffs targeting US coal and liquified natural gas come into play on Monday.
Chinese foreign ministry spokesman Guo Jiakun said on Monday that “there is no winner in a trade war and tariff war”.
Trump also focused on steel during a visit by Japanese Prime Minister Shigeru Ishiba last week.
The American leader said he had secured an agreement for Japan’s Nippon Steel to make a major investment in US Steel, instead of seeking to take over the troubled firm.
Trump, who has promised a “new golden age” for the United States, insists the impact of any tariffs would be borne by foreign exporters without being passed on to US consumers, despite most experts saying the contrary.
But he did acknowledge this month that Americans might initially feel economic “pain” from the levies.
Wall Street’s main indices finished up Monday despite the tariff threat. London and Frankfurt set fresh records, while Hong Kong and Shanghai stocks also rose.
“The fact that global equity indices are higher at the start of the week could be a sign of tariff fatigue,” said Kathleen Brooks, research director at trading group XTB.
The dollar also rose against the Canadian dollar, the Mexican peso and South Korean won on Monday.
