Metal stocks witnessed some selling pressure in trade on Friday, May 29, with the Nifty Metal pack emerging as the worst sectoral performer. Concerns around tariffs imposed by US President Donald Trump and the trade deal with China kept the sentiment subdued.
US Treasury Secretary Scott Bessent said trade talks with China were “a bit stalled.”
Meanwhile, The Wall Street Journal said the Trump administration is contemplating a plan to place tariffs on swaths of the global economy under a never-before-used provision of the Trade Act of 1974, as per a Bloomberg report. That includes language allowing for tariffs of up to 15% for 150 days to address trade imbalances with other countries, the report added.
The Nifty Metal index tumbled 1.69%, with 14 out of 15 index constituents in the red.
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