The US Supreme Court last week ruled against President Donald Trump’s use of emergency powers to set reciprocal trade duties, prompting the administration to roll out an alternative 10% global levy, which was then raised to 15%. The shift may lower the average tariff on Chinese goods to 24% from 32%, according to Morgan Stanley. Still, while that may aid metal-intensive exporters there, the relief could prove to be temporary as trade policy may evolve further.