Nov 07, 2024 (MENAFN via COMTEX) --
(MENAFN - Yolo Wire) %Commodity prices around the world are falling on news that Donald Trump has won the U.S. presidential election.
Prices for commodities ranging from %Oil and %Metals to %Grains are sharply lower as a Trump win raises fears of U.S. import tariffs and protectionist trade policies.
Oil prices are down more than 1% as the U.S. Dollar rallies on news of Trump’s election win.
Metal prices also fell, with gold sliding to a three-week low and copper’s price declining 2% in early trading on Nov. 6.
Agricultural commodities are also taking a hit, with prices for soybeans, wheat and corn all dropping on expectations of renewed trade tensions with China.
Trump campaigned on promises to put America’s interests first, implement new tariffs on imported goods, and undertake policies that protect the U.S. economy.
Investors and traders clearly see this as bad news for global commodities. China is expected to be particularly hard hit with tariffs on its U.S. imports expected to rise sharply.
Trump has pledged to impose blanket 60% tariffs on all Chinese goods to help boost the U.S. manufacturing sector.
At the same time, the copper market is pricing in a possible rollback of U.S. subsidies for electric vehicles, which could hurt demand for the red industrial metal.
Many analysts and investors also believe that Trump's presidency will bolster the U.S. Dollar as interest rates may need to remain high to combat inflation that would result from new tariffs.
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COMTEX_459562964/2604/2024-11-07T09:38:37
