US steel and aluminium producers have different scopes to respond to the tariffs implemented this week, which is why we expect the price premium for aluminium in the US to persist for longer than upward pressure on US steel prices. Meanwhile, oil prices are taking their lead from demand concerns, as the prospect of weaker US growth increases the downside risks to our already below-consensus end-2026 oil price forecast.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services