What's behind the 2% decline in Nifty Metal index today?

As per media sources, the US government is likely to increase tariffs on imported steel and aluminium from existing 25% to 50% starting June 4, to support domestic manufacturing of metal in the US.

Nifty Metal index movement today

 

The Nifty Metal index slipped over 1 per cent on the National Stock Exchange (NSE) in Monday’s intra-day trade after reports suggested that the US government is likely to increase tariffs on imported steel and aluminium from existing 25 per cent to 50 per cent starting June 4. The move is aimed at supporting domestic manufacturing of metal in the US.

 

Following the news report, Nifty Metal index was down 1.6 per cent at the day's low of 9,047.95 on the NSE in intra-day trade on Monday. At 09:59 AM; Nifty Metal index recovered