Vedanta, Tata Steel, SAIL, Jindal Steel shares sink on Trump's fresh tariff threat; Sensex, Nifty slump
Shares of JSW Steel,SAIL, Jindal Steel, Vedanta, Tata Steel, NMDC and National Aluminium were among the top losers falling up to 2% on the BSE metal index today.
- Jun 2, 2025,
- Updated Jun 2, 2025 11:17 AM IST
Metal shares were the top losers in early deals on Monday after US President Donald Trump on Friday declared that he would raise import tariffs on steel to 50 percent. JSW Steel,SAIL, Jindal Steel, Vedanta, Tata Steel, NMDC and National Aluminium were among the top losers falling up to 2% on the BSE metal index today.
The BSE metal index declined 467 points 30,293 in the current session. The index was the top loser among 19 BSE sectoral indices.
The Nifty metal index also slipped 146 points to 9047 in early deals against the previous close of Rs 9193.
Later in a social media post, Trump said, “It is my great honour to raise the tariffs on steel and aluminium from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminium industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminium workers. Make America Great Again.”
This new tariff increase comes on the heels of a similar hike earlier this year, when Trump raised the tariffs on aluminum and steel to 25 percent. The president promised that the taxes would generate factory jobs in the US as the fluctuating tariff threats that were unsettling the stock market and sparking concerns over a possible economic downturn. In 2018, Trump eliminated all exemptions on tariffs for metals and escalated the aluminum tariff from 10%.
Exporters told the Union Ministry of Commerce and Industry that exports valued at $5 billion were impacted the US President's move.
Meanwhile, the tariff hike also dented sentiment on Dalal Street on Monday.
Sensex slipped 484 pts to 80,966 and Nifty fell 135 points to 24,615 in the first session of this week. Market cap of the BSE-listed firms stood at Rs 444.22 lakh crore in the current session against the market cap of Rs 441.19 lakh crore on Friday.
Metal shares were the top losers in early deals on Monday after US President Donald Trump on Friday declared that he would raise import tariffs on steel to 50 percent. JSW Steel,SAIL, Jindal Steel, Vedanta, Tata Steel, NMDC and National Aluminium were among the top losers falling up to 2% on the BSE metal index today.
The BSE metal index declined 467 points 30,293 in the current session. The index was the top loser among 19 BSE sectoral indices.
The Nifty metal index also slipped 146 points to 9047 in early deals against the previous close of Rs 9193.
Later in a social media post, Trump said, “It is my great honour to raise the tariffs on steel and aluminium from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminium industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminium workers. Make America Great Again.”
This new tariff increase comes on the heels of a similar hike earlier this year, when Trump raised the tariffs on aluminum and steel to 25 percent. The president promised that the taxes would generate factory jobs in the US as the fluctuating tariff threats that were unsettling the stock market and sparking concerns over a possible economic downturn. In 2018, Trump eliminated all exemptions on tariffs for metals and escalated the aluminum tariff from 10%.
Exporters told the Union Ministry of Commerce and Industry that exports valued at $5 billion were impacted the US President's move.
Meanwhile, the tariff hike also dented sentiment on Dalal Street on Monday.
Sensex slipped 484 pts to 80,966 and Nifty fell 135 points to 24,615 in the first session of this week. Market cap of the BSE-listed firms stood at Rs 444.22 lakh crore in the current session against the market cap of Rs 441.19 lakh crore on Friday.