Trump's imposition of additional steel tariffs has triggered a chain reaction, causing iron ore prices to fall to their lowest level since May 2nd.

Financial news app Wisdom Finance has learned that U.S. President Trump's announcement to double the import tariffs on steel and aluminum, as a trade protectionist measure, is causing severe volatility in the global commodities market. During the Asian trading session on June 2, the price of Singapore iron ore futures fell by 0.8% to $94.85 per ton, hitting a new low since May 2. As of the time of publication, the main contract is at $95.15 per ton, indicating that concerns about escalating trade tensions are continuing to grow.