![\"コラム：トランプ氏の鉄鋼・アルミ関税、最大の敗者は米国か\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/02\/CKQKMS2JYJL6TGYKF3OBGRTCWI.jpg\")
<\/p>\n<\/p>\n
\u3000\u30c8\u30e9\u30f3\u30d7\u7c73\u5927\u7d71\u9818\u306f\uff12\u6708\uff11\uff10\u65e5\u3001\u9244\u92fc\u3068\u30a2\u30eb\u30df\u30cb\u30a6\u30e0\u306e\u8f38\u5165\u5168\u3066\u306b\u4e00\u5f8b\uff12\uff15\uff05\u306e\u95a2\u7a0e\u3092\u8ab2\u3059\u3068\u767a\u8868\u3057\u305f\u304c\u3001\u3053\u308c\u306b\u3088\u308a\u6700\u3082\u5927\u304d\u306a\u75db\u307f\u3092\u5473\u308f\u3046\u306e\u306f\u7c73\u56fd\u3060\u308d\u3046\u3002\u5199\u771f\u306f\u30e1\u30ad\u30b7\u30b3\u30fb\u30c8\u30e9\u30b9\u30ab\u30e9\u306e\u30b9\u30c6\u30f3\u30ec\u30b9\u92fc\u88fd\u9020\u5de5\u5834\u3067\u50cd\u304f\u5f93\u696d\u54e1\u3002\uff11\uff11\u65e5\u64ae\u5f71\uff08\uff12\uff10\uff12\uff15\u5e74\u3000\u30ed\u30a4\u30bf\u30fc\/Hector Lorenzo\uff09<\/p>\n
[\u30e1\u30eb\u30dc\u30eb\u30f3 \uff11\uff13\u65e5\u3000\u30ed\u30a4\u30bf\u30fc\u3000BREAKINGVIEWS] – \u30c8\u30e9\u30f3\u30d7\u7c73\u5927\u7d71\u9818\u306f\u7c73\u56fd\u304c\u8cbf\u6613\u6226\u4e89\u306b\u7c21\u5358\u306b\u52dd\u3066\u308b\u3068\u8c6a\u8a9e\u3057\u3066\u3044\u308b\u3002\u305d\u308c\u306a\u3089\u3070\u3001\u7c73\u56fd\u304c\u9244\u92fc\u3068\u30a2\u30eb\u30df\u30cb\u30a6\u30e0\u306b\uff12\uff15\uff05\u306e\u95a2\u7a0e\u3092\u8ab2\u3059\u3068\u805e\u3044\u3066\u3001\u82f1\u8c6a\u7cfb\u30ea\u30aa\u30fb\u30c6\u30a3\u30f3\u30c8(RIO.L), opens new tab, (RIO.AX), opens new tab\u306a\u3069\u6d77\u5916\u306e\u9271\u696d\u5927\u624b\u306f\u6148\u60b2\u3092\u4e5e\u3046\u306f\u305a\u3060\u3002\u3060\u304c\u540c\u793e\u3068\u30e9\u30a4\u30d0\u30eb\u4f01\u696d\u306e\u8c6a\uff22\uff28\uff30(BHP.AX), opens new tab\u306e\u682a\u4e3b\u306f\u3001\u65e2\u306b\u61f8\u5ff5\u3092\u4e00\u8e74\u3057\u3066\u3044\u308b\u3002<\/p>\n
\u3082\u3061\u308d\u3093\u3001\u682a\u4e3b\u304c\u697d\u89b3\u7684\u904e\u304e\u308b\u306e\u304b\u3082\u3057\u308c\u306a\u3044\u3057\u3001\uff13\u6708\u767a\u52b9\u4e88\u5b9a\u306e\u95a2\u7a0e\u304c\u7d50\u5c40\u5b9f\u65bd\u3055\u308c\u306a\u3044\u3068\u8e0f\u3093\u3067\u3044\u308b\u306e\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u305f\u3060\u95a2\u7a0e\u3067\u6700\u3082\u50b7\u4ed8\u304f\u306e\u306f\u7c73\u56fd\u3060\u304b\u3089\u3001\u3068\u3044\u3046\u53ef\u80fd\u6027\u3082\u8003\u3048\u3089\u308c\u308b\u3002<\/p>\n
\u5168\u3066\u306e\u56fd\u3092\u5bfe\u8c61\u3068\u3059\u308b\u3053\u306e\u95a2\u7a0e\u306f\u3001\u30ab\u30ca\u30c0\u3084\u30e1\u30ad\u30b7\u30b3\u306a\u3069\u4e3b\u8981\u8f38\u51fa\u56fd\u3060\u3051\u3067\u306a\u304f\u3001\u5c0f\u898f\u6a21\u306a\u8f38\u51fa\u56fd\u306b\u3082\u7b49\u3057\u304f\u5f71\u97ff\u3092\u53ca\u307c\u3059\u3002\u3064\u307e\u308a\u3001\u3069\u3053\u304b\u306e\u56fd\u304c\u7a81\u5982\u3001\u4eca\u307e\u3067\u3088\u308a\u5927\u304d\u306a\u30d1\u30a4\u3092\u5f97\u3089\u308c\u308b\u512a\u4f4d\u306a\u7acb\u5834\u306b\u306a\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002<\/p>\n
\u3053\u306e\u72b6\u6cc1\u304c\u5909\u308f\u308b\u53ef\u80fd\u6027\u306f\u3042\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u6c0f\u306f\u8c6a\u5dde\u3078\u306e\u9069\u7528\u3092\u514d\u9664\u3059\u308b\u53ef\u80fd\u6027\u3092\u793a\u3057\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u3001\u8c6a\u5dde\u306f\u7c73\u56fd\u306e\u30a2\u30eb\u30df\u8f38\u5165\u306e\uff11\uff0e\uff15\uff05\u3057\u304b\u5360\u3081\u3066\u304a\u3089\u305a\u3001\u9244\u92fc\u3082\u4f3c\u305f\u3088\u3046\u306a\u3082\u306e\u3060\u3002<\/p>\n
![\"A](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/02\/1739555565_536_chart.png\")
A graphic showing the relative stock price changes since January 20 for Alcoa, BHP, Cleveland-Cliffs and Rio Tinto<\/p>\n
\u3044\u305a\u308c\u306b\u305b\u3088\u3001\u6700\u3082\u5927\u304d\u306a\u75db\u307f\u3092\u5473\u308f\u3046\u306e\u306f\u7c73\u56fd\u3060\u308d\u3046\u3002\u7c73\u56fd\u306f\u30ab\u30ca\u30c0\u306b\u9244\u92fc\u306e\u7d04\uff14\u5206\u306e\uff11\u3001\u30a2\u30eb\u30df\u8f38\u5165\u306e\u7d04\uff16\uff10\uff05\u3092\u4f9d\u5b58\u3057\u3066\u3044\u308b\u3002\u3053\u308c\u3060\u3051\u306e\u751f\u7523\u80fd\u529b\u3092\u88dc\u3048\u308b\u306e\u306f\u3001\u6700\u5927\u751f\u7523\u56fd\u306e\u4e2d\u56fd\u3060\u3051\u3060\u308d\u3046\u3002<\/p>\n
\u3068\u3053\u308d\u304c\u95a2\u7a0e\u3092\u8ab2\u3059\u76ee\u7684\u306e\uff11\u3064\u306f\u3001\u4e2d\u56fd\u306e\u300c\u652f\u914d\u300d\u3092\u6e1b\u3089\u3059\u3053\u3068\u306b\u3042\u308b\u3002\u78ba\u304b\u306b\u3001\u4e2d\u56fd\u306e\u91d1\u5c5e\u8f38\u51fa\u306f\u6628\u5e74\uff11\u5104\uff11\uff10\uff10\uff10\u4e07\u30c8\u30f3\u3068\u3001\uff12\uff10\uff12\uff10\u5e74\u306e\uff12\u500d\u306b\u5897\u3048\u3066\u3044\u308b\u3002\u3060\u304c\u7c73\u56fd\u306b\u76f4\u63a5\u8f38\u51fa\u3055\u308c\u305f\u306e\u306f\u3001\u305d\u306e\u3046\u3061\u307b\u3093\u306e\u308f\u305a\u304b\u3060\u3002\u696d\u754c\u306e\u5e79\u90e8\u306b\u3088\u308b\u3068\u3001\u4e00\u90e8\u306f\u9593\u63a5\u7684\u306b\u8f38\u51fa\u3055\u308c\u305f\u304c\u3001\u5927\u534a\u306f\u56fd\u5185\u3067\u305d\u306e\u91d1\u5c5e\u3092\u5229\u7528\u3059\u308b\u56fd\u306b\u5411\u304b\u3063\u305f\u3002<\/p>\n
\u3057\u304b\u3082\u3001\u95a2\u7a0e\u306e\u3082\u3046\uff11\u3064\u306e\u76ee\u7684\u306f\u7c73\u56fd\u306e\u9244\u92fc\u30e1\u30fc\u30ab\u30fc\u3092\u652f\u3048\u308b\u3053\u3068\u3060\u3002\u7c73\u9244\u92fc\u696d\u754c\u306e\u8a2d\u5099\u7a3c\u50cd\u7387\u306f\uff17\uff15\uff05\u524d\u5f8c\u3067\u3001\u307e\u3060\u751f\u7523\u3092\u5897\u3084\u305b\u308b\u4f59\u5730\u304c\u3042\u308b\u3002\u3057\u304b\u3057\u30af\u30ea\u30fc\u30d6\u30e9\u30f3\u30c9\u30fb\u30af\u30ea\u30d5\u30b9(CLF.N), opens new tab\u306a\u3069\u7c73\u9244\u92fc\u682a\u306e\u4e0a\u6607\u304c\u77ed\u547d\u306b\u7d42\u308f\u3063\u305f\u3068\u3053\u308d\u3092\u898b\u308b\u3068\u3001\u6295\u8cc7\u5bb6\u306f\u95a2\u7a0e\u306e\u52b9\u679c\u306b\u61d0\u7591\u7684\u306a\u3088\u3046\u3060\u3002\u30a2\u30eb\u30df\u30cb\u30a6\u30e0\u306e\u898b\u901a\u3057\u306f\u3055\u3089\u306b\u6697\u3044\u3002\u7c73\u56fd\u5185\u30e1\u30fc\u30ab\u30fc\u306b\u3088\u308b\u751f\u7523\u91cf\u306f\uff16\uff15\u4e07\u30c8\u30f3\u524d\u5f8c\u3060\u304c\u3001\u8f38\u5165\u306f\u305d\u306e\u7d04\uff11\uff10\u500d\u306b\u4e0a\u308b\u3002\u7cbe\u932c\u6240\u306e\u5897\u8a2d\u306b\u306f\u591a\u984d\u306e\u8cc7\u91d1\u3068\uff15\u5e74\u4ee5\u4e0a\u306e\u5e74\u6708\u3092\u8981\u3059\u308b\u3002\u305d\u3057\u3066\u3001\u9577\u671f\u7684\u30ea\u30bf\u30fc\u30f3\u304c\u5f97\u3089\u308c\u308b\u3068\u306e\u78ba\u8a3c\u304c\u3042\u308b\u7a0b\u5ea6\u5fc5\u8981\u306b\u306a\u308b\u304c\u3001\u305d\u308c\u306f\u30b3\u30ed\u30b3\u30ed\u3068\u5909\u308f\u308b\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u901a\u5546\u653f\u7b56\u3067\u306f\u63d0\u4f9b\u3067\u304d\u306a\u3044\u3082\u306e\u3060\u3002\u30a2\u30eb\u30b3\u30a2(AA.N), opens new tab\u306e\u682a\u4fa1\u304c\u4e0b\u843d\u3057\u305f\u306e\u306f\u3001\u6050\u3089\u304f\u305d\u306e\u305f\u3081\u3060\u308d\u3046\u3002<\/p>\n
\u3064\u307e\u308a\u3001\u95a2\u7a0e\u306b\u3088\u308b\u6700\u5927\u306e\u5f71\u97ff\u306f\u3001\u7c73\u56fd\u304c\u5f93\u6765\u3068\u540c\u3058\u6d77\u5916\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u306b\u4f9d\u5b58\u3059\u308b\u305f\u3081\u306b\u3082\u3063\u3068\u9ad8\u3044\u91d1\u984d\u306e\u652f\u6255\u3044\u3092\u5f37\u3044\u3089\u308c\u308b\u3001\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u305d\u3046\u306a\u308c\u3070\u3001\u30a2\u30eb\u30df\u30db\u30a4\u30eb\u304b\u3089\u30ab\u30c8\u30e9\u30ea\u30fc\u3001\u98a8\u529b\u30bf\u30fc\u30d3\u30f3\u304b\u3089\u81ea\u52d5\u8eca\u306b\u81f3\u308b\u6700\u7d42\u88fd\u54c1\u306e\u5168\u3066\u306e\u8cb7\u3044\u624b\u306b\u3068\u3063\u3066\u3001\u7269\u4fa1\u306f\u4e0a\u6607\u3059\u308b\u3060\u308d\u3046\u3002\u4e16\u754c\u6700\u5927\u306e\u6d88\u8cbb\u8005\u3067\u3042\u308b\u7c73\u56fd\u6c11\u304c\u3001\u6700\u5927\u306e\u6557\u8005\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n
\u25cf\u80cc\u666f\u3068\u306a\u308b\u30cb\u30e5\u30fc\u30b9<\/p>\n
\uff0a\u30c8\u30e9\u30f3\u30d7\u7c73\u5927\u7d71\u9818\u306f\uff11\uff10\u65e5\u3001\u9244\u92fc\u3068\u30a2\u30eb\u30df\u30cb\u30a6\u30e0\u306e\u8f38\u5165\u5168\u3066\u306b\u4e00\u5f8b\uff12\uff15\uff05\u306e\u95a2\u7a0e\u3092\u8ab2\u3059\u3068\u767a\u8868\u3057\u305f\u3002\uff13\u6708\uff11\uff12\u65e5\u306b\u767a\u52b9\u3059\u308b\u3002 \u3082\u3063\u3068\u898b\u308b <\/p>\n
\uff0a\u30c8\u30e9\u30f3\u30d7\u6c0f\u306f\u3001\uff12\uff10\uff11\uff18\u5e74\u306b\u540c\u6c0f\u304c\u5b9f\u65bd\u3057\u305f\u95a2\u7a0e\u306b\u9069\u7528\u3055\u308c\u305f\u3001\u30ab\u30ca\u30c0\u3001\u30e1\u30ad\u30b7\u30b3\u3001\u30aa\u30fc\u30b9\u30c8\u30e9\u30ea\u30a2\u3001\u6b27\u5dde\u9023\u5408\uff08\uff25\uff35\uff09\u3001\u82f1\u56fd\u306a\u3069\u306e\u7121\u95a2\u7a0e\u67a0\u3082\u64a4\u5ec3\u3059\u308b\u3068\u3057\u305f\u3002<\/p>\n
\uff08\u7b46\u8005\u306f\u300cReuters Breakingviews\u300d\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\uff09<\/p>\n
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