Oil prices rise amid tariff tensions and global trade concerns

VAAL TRIANGLE - Oil prices ticked higher today as investors weighed US President Donald Trump’s latest tariff threat on all steel and aluminium imports. Trump is expected to announce a 25% tariff on steel and aluminium imports today. According to experts, this could significantly impact South Africa’s metal industry. In 2024, South Africa exported over R16.6-billion's worth of iron, steel, and aluminium to the US. Trump also reaffirmed that he would announce commutual tariffs this week on products in cases where another country has levied duties on US goods. With the Vaal Triangle being a key hub for steel production and petrochemicals, these developments could have significant implications for local industries, fuel costs, and economic stability in the region.