It’s a rough day for metal stocks. The Nifty Metal index nosedived 2.23% during Wednesday’s trade, hitting an intraday low of 8,341. Almost every constituent of the index saw red, with Welspun Corp, SAIL, Jindal Steel & Power, and National Aluminium bearing the brunt, losing between 3.5% and 4%. This selloff has dragged the index down by 3.4% for January, capping a longer 18% slide since October 2024. What’s fueling this bearish momentum? U.S. President Donald Trump is back with his tariff rhetoric, and this time, it’s China—the world’s largest consumer of base metals—in the crosshairs. Trump floated the idea of slapping a 10% tariff on Chinese imports starting February 1, a move that could disrupt global demand and weigh heavily on metal prices. Indian metal companies aren’t immune. Falling global prices could squeeze margins, and the looming uncertainty has already sparked declines in key base metals on the London Metal Exchange. Copper slipped to $9,251, aluminum eased to $2,641, and nickel, zinc, and lead all followed suit with modest losses. Trump’s trade agenda doesn’t stop with China. His latest threats include duties on European imports and a staggering 100% tariff hike on BRICS nations—including India—if they persist in their de-dollarization efforts. His protectionist stance has long prioritized U.S. industries, but it’s clear the collateral damage extends far beyond American borders. For Indian metal stocks, the near-term outlook is clouded. Global price volatility, coupled with the potential fallout from Trump’s policies, could keep the pressure on. Investors may want to brace for turbulence, as this geopolitical drama unfolds on a stage that spares no one.