– The US Trump administration continues to roll out its tariff program, with new and expanded duties on imports of steel and aluminum as well as the near-term prospect of more duties on the autos sector. We also find that executives’ concerns about tariffs are less negative than in 2018.

– Industrial commodities are having to steer through a long-awaited recovery in steel demand just as the tariff complications arrive, while Compagnie Générale des Etablissements Michelin SCA (Michelin) does not see duties as a major driver of long-term investment strategy.

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