The JSE retreated on Friday, putting it on track for another disappointing weekly performance. The all-share index was down 0.69% to 57,524.10 points by lunchtime, bringing losses for the week to about 2%. The local share market took its cue from world markets, with investors fretting over the implications of US President Donald Trump’s decision to impose import tariffs on steel and aluminium. This could lead to a trade war if the affected countries were to retaliate against Trump’s protectionist stance. A 25% tariff will be imposed on imported steel to the US and 10% on aluminium products. "This move isn’t only bad for steel and aluminium producers, protectionist measures, such as tariffs, are bad for everyone whose costs have now increased, which impacts on companies and consumers," Oanda senior market analyst Craig Erlam said. "These measures are unlikely to be a unique case; other countries will now consider counter-measures against the US, which won’t necessarily target this pa...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.