Twenty-nine Chinese steel firms have had their licenses revoked as Beijing kept up its campaign to tackle overcapacity in the sector and days after U.S. President Donald Trump said he would open a probe into cheap steel exports from China and elsewhere.
The United States should "use every arrow" in its quiver to ensure a level commercial playing field in China, a U.S. business lobby said on Tuesday, warning that 2017 could be the toughest year in decades for American firms in the country.
Strong dollar or weak dollar; take your pick. The dollar took a break last week after President Donald Trump said that the dollar was too strong. U S. Treasury Secretary Steven Mnuchin told the Financial Times that a strong dollar was a positive in the long term. Overall, this did not help the mood of the commodity sector that is acting like it had too many Easter eggs. Both precious metals and industrial metals are taking a hit and that is not helping oil as the market sells off in a light volume frenzy.