The possibility of the Trump administration imposing swingeing tariffs on steel imports could have wider implications for industrials.

Trump's populist measures to protect the rust belt from the "Asian state-controlled steel dumpers" will affect industrials supplying into US government contracts or suppliers supplying into US government sponsored programmes.

Many industrials will need to revisit their supply chains to ensure they work in different markets and to archive that the supply chain will need to consolidate or collaborate to meet demands around tariffs. Tariff considerations into strategic business plans and M&A processes should be front of mind.

Using carve outs based on national and strategic interests is being explored to get round global tariff restrictions. But no doubt the WTO will have something to say which will cause a collision course with the Trump administration.