Base metal prices plunged early Friday, with three-month benchmark copper (HG1:COM) on the London Metal Exchange recently -3.7% at $8,985.50/metric ton and three-month aluminum (LMAHDS03:COM) -1.4% at $2,422.50/ton, as President Trump's worse than expected tariffs trigger global growth slowdown fears, sparking a selloff in industrial metals and mining equities.

Copper and aluminum have dropped 8.7% and 7.7%, respectively, so far this week, as the tariffs drag down demand forecasts, SP Angel analysts said, adding that China represents around half of global copper demand, and the U.S. tariffs are expected to further slow the country’s growth trajectory; tin, zinc, lead and nickel also suffered heavy losses this week.

Trump hit China with a 34% "reciprocal" tariff on top of existing duties, and China announced Friday that it will likewise impose 34% tariffs on all U.S. goods starting April 10.

In U.S. pre-market trading, Century Aluminum (CNEX) -8.4%, ArcelorMittal (MT) -8.2%, Freeport-McMoRan (FCX) -7.5%, Alcoa (NYSE:AA) -6.8%, Cleveland-Cliffs (CLF) -6.5%, BHP (BHP) -5.8%, Vale (VALE) -5.3%, Commercial Metals (CMC) -4%, Rio Tinto (RIO) -3.9%, Nucor (NUE) -3.4%, US Steel (X) -3.4%, Steel Dynamics (STLD) -3%, Kaiser Aluminum (KALU) -2.4%.

Major mining companies also plunged in London, with Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) down nearly 10% to its lowest since 2021 while Antofagasta (OTC:ANFGF) fell almost 9%.

The tariffs will hurt Chinese steel exports and help drag iron ore prices below $90/ton by the end of the year, Goldman Sachs said Friday.

Following a visit to six private steel mills in China, the Goldman analysts said prices would have near-term support, but the market likely will go into surplus in this year's H2 and could touch $84/ton; the bank forecasts steel exports will fall by ~15% in 2025, with the surveyed mills expecting domestic demand to decline by as much as 5%.

Iron ore has traded in a narrow range of $100-$105/ton during the past month, as the market weighs high Chinese mill utilization rates, impending crude steel production cuts and a likely drop in exports.