US trade policy discussion dominated conversations at the Recycled Materials Association (ReMA) annual conference in San Diego on May 12-15, with speakers in focused trade panels and commodity spotlights dissecting the decisions and potential actions of the Trump administration.

Five key takeaways from our CIPS webinar.

Explore the recent EUDR country classifications and discover which nations are labeled low, standard, or high risk.

Read Fastmarkets' monthly base metals market for May 2025 focusing on raw materials including copper, nickel aluminium, lead, zinc and tin.

The US trade roller coaster ride seems to be flattening, with signs of potential moderation and stability. It appears increasingly likely that our original expectation that the US Trump administration would primarily use the threat of tariffs as a negotiating strategy will be correct. While we do not expect to the US tariff position return to pre-2025 levels, we believe the overall US tariff burden is more likely to settle at around 10-30% globally rather than the elevated rates of 50-100% that seemed possible in recent weeks.

Several key developments will determine how the global iron ore market performs in the coming months, sources told Fastmarkets this week: uncertainty over China-US trade tensions; the likelihood of Chinese crude steel production cuts; the declining quality and premiums for mid-grade ore from Australia; and the increased use of lower-grade iron.

Learn how timber imports affect the US economy regarding Canadian softwood lumber and future trade policies.

The recent US-China agreement to temporarily reduce tariffs is a major step for global trade, with tariffs on US goods entering China dropping from 125% to 10% and on Chinese goods entering the US decreasing from 145% to 30% starting May 14. While this has boosted markets and created optimism, key industries like autos and steel remain affected, leaving businesses waiting for clearer long-term trade policies.

BEK pulp prices in Europe dropped $40/tonne in April, driven by US import tariff uncertainties and weaker demand in China.

The US-China trade truce announced on May 12 has brought cautious optimism to China’s non-ferrous metals markets, signaling a possible shift in global trade. Starting May 14, the removal of additional tariffs has impacted sectors like battery raw materials, minor metals and base metals such as zinc and nickel, with mixed reactions. While the improved sentiment has lifted futures prices and trade activity, the long-term effects remain unclear due to challenges like supply-demand pressures and export controls.