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Recently, under the so-called "reciprocal tariff" executive order, the US announced that it will impose a 10% "minimum baseline tariff" on its trading partners and higher tariffs on some trading partners. This "reciprocal tariff" will take effect from April 9.
On Thursday, April 3, Citi Research lowered its forecast for base metal prices in 2025, citing the tariffs announced by the Trump administration and the impending tariffs that will pose significant headwinds to demand.