Concerns have emerged in various sectors about possible changes to the “Taiwan-US 21st Century Trade Initiative” supported by President Biden if Trump wins the elections.
Trump, the US presidential candidate, has recently unveiled policy measures targeting Taiwan and China. These measures include promoting the return of manufacturing to the US and increasing tariffs on Chinese products and goods from other countries. However, these higher tariffs could potentially lead to rising inflation.
Market participants are concerned about how the Federal Reserve's interest rate decisions might affect the global steel market. There is ongoing speculation regarding a potential interest rate cut by the Fed this year. Despite Trump's request for the Fed to refrain from altering interest rates before the election, the Fed has stated that any interest rate cuts would not be influenced by the upcoming year-end elections.
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