Fortescue Ltd (ASX: FMG) shares roared 4.1% higher to an intraday peak of $20.30 apiece on Friday.
The Fortescue share price has since retraced a bit and is currently $19.66, up 0.82% for the day.
The other two major ASX iron ore shares are also higher today. The BHP Group Ltd (ASX: BHP) share price is currently up 1.34% to $43.57 and the Rio Tinto Ltd (ASX: RIO) share price is up 1.77% to $123.81.
This is despite the iron ore price falling by 1.03% overnight to US$104.01 per tonne.
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Why is the Fortescue share price higher on Friday?
Fortescue has no official news for the market today.
However, the company held its annual general meeting on Wednesday, at which executive chair Dr Andrew 'Twiggy' Forrest AO described green iron as "our next big chapter".
In his speech, Forrest said:
We're releasing ourselves from the hostage of fossil fuels. There will be no shortcuts, we're not taking the easy road … Real Zero means we will no longer use diesel. We will no longer use gas. Fortescue will be entirely powered by green energy.
And it's an investment that I believe is going to future proof your company saving us billions of dollars along the way as carbon taxes and turbulent fossil fuel prices continue their grip around the lifestyles of every Australian and every human. It's a grip we have to release.
Other ASX 200 mining shares are also in the green today.
Alumina refiner and copper miner South32 Ltd (ASX: S32) is currently trading 0.65% higher at $3.855. Copper miner Sandfire Resources Ltd (ASX: SFR) is also up by 1.33% to a share price of $10.70.
Despite the gold price slipping 0.33% overnight to US$2,697.93 per ounce, the biggest ASX gold miners are trading higher on Friday.
Northern Star Resources Ltd (ASX: NST) shares are up 2.3% to $16.88. Newmont Corporation CDI (ASX: NEM) shares are up 1.66% to $67.51 apiece.
At the time of writing, the S&P/ASX 200 Materials Index (ASX: XMJ), which incorporates all the mining shares, is up by 0.96%.
How will Trump impact Fortescue?
After the Wednesday AGM, Forrest told journalists he did not believe that Donald Trump's win in the US presidential election would cause the iron ore price to fall or disrupt his company's green energy goals.
Prior to the election, Trump said he would raise tariffs on all imports by 10% to 20% and on Chinese products by 60%.
This has caused market analysts to worry that the Chinese economy may weaken further if it can't sell goods to the US.
And it may have a flow-on effect in decreasing China's demand for iron ore if its industrial activity declines.
While this risk is concerning, some traders have speculated that new tariffs may prompt China to announce further stimulus. This would benefit the economy and potentially add to the demand for iron ore.
Either way, Forrest does not appear to be worried.
According to The West Australian, Forrest described Trump as a "pragmatic economic guy" despite also being "very, very positive about fossil fuel".
Forrest said:
The biggest surge in investment which the US has had, has of course been renewable energy, so he (Donald Trump) is going to keep that economic engine rolling.
The biggest trading partner the United States has ever and will ever have is China, let's not forget that they butter each other's bread.
The amount of horsepower in the tank of China's economy and their ability to self-stimulate is phenomenal …
China announced several stimulus measures in September, which immediately boosted ASX mining shares.
