Afternoon Coffee: U.S. to expand tariffs on metal products; Currencycloud raises $80m with Visa; Reaction to coronavirus ripples outside China

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President Donald Trump plans to expand tariffs to include imported products made of steel or aluminum after tariffs on those raw materials from other nations didn’t have his full intended effect to support U.S. manufacturing, The New York Times reports. Instead, U.S. companies had to pay more to make metal products — and imports of metal products also rose.

“This is really the blowback on the tariffs,” Lisa Reisman, executive editor of MetalMiner, a sister publication of ours, said in an email to the Times.

The new tariffs on foreign metal goods like nails, staples, cables and some auto parts are set to go into effect Feb. 8.

Currencycloud raises $80 million

The UK fintech startup Currencycloud announced that it has raised $80 million in funding to help it expand its technology for aiding B2B cross-border payments. Major investors include Visa and Sapphire Ventures.

“We’re a piece of embedded finance in the tech stack. It’s not as sexy, but it’s an incredibly good business,” Currencycloud CEO Mike Laven told CNBC, explaining that the firm puts its product into platforms for big banks and fintechs.

Coronavirus reaction: Travel concerns rise, face masks in high demand

Here’s the latest on the coronavirus outbreak in China and how the world is reacting to it, according to CNBC. It its news roundup, the flu-like illness has killed 106 people in China, and 4,682 cases have been reported worldwide. In Germany, the first case of human-to-human transmission outside of China was reported. And United Airlines will reduce flights to China as demand falls. The U.S. also has urged American to not visit China at this time.

The Associated Press reports that across Asia, the demand for face masks has increased — with countries near China reporting shortages and some nations taking action to ensure their supplies don’t get exported. Chinese tourists and relatives in other countries have been buying the masks to take home or send back to China.

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