JAKARTA – Rebar steel futures surged towards CNY 3,000 per tonne on Wednesday (4/6), following US President Donald Trump’s move to raise import tariffs on steel to 50%.

According to Trading Economics, the measure was presented by Trump as an effort to protect domestic producers and create jobs in the US.

The import tariff hike is expected to drive up prices within the US and add pressure to global markets, particularly China.

Prior to Trump signing the executive order to increase steel tariffs, metal prices had hit a low earlier in the week.

A Caixin survey revealed that China’s manufacturing activity unexpectedly contracted in May 2025, reaching its lowest level in over two years.

The Caixin index, which reflects small, export-oriented businesses, pointed to uncertainty surrounding US trade policy as a drag on business confidence, despite a prior 90-day suspension of tariff enforcement. (LK/KR)