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.” He added that a breakthrough is likely to come only after direct intervention from President Donald Trump and Chinese President Xi Jinping.
On Thursday, a federal appeals court granted Trump a temporary reprieve from a lower court decision that had jeopardised much of his tariff policy. This followed a ruling by the US Court of International Trade, which found that the majority of Trump’s global tariffs were unlawful.
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.
Metal worst-performing sector today
The Nifty Metal index tumbled 1.69%, with 14 out of 15 index constituents in the red.
