The Rio Tinto Ltd (ASX: RIO) share price has fallen 7% since 28 March 2025. That's not a huge decline compared to some other stocks, but with this decline, it's at a level we've not seen for over six months.

As one of the biggest miners in the world, it is heavily exposed to the global economy.

The US recent announced it will apply tariffs on nearly all products from virtually all countries. This has made investors question what could happen to commodity demand. It's particularly worrying that the US put a 34% tariff on Chinese goods and then China retaliated with a 34% tariff on US goods. A trade war could become a major problem.

Let's get into what I think of Rio Tinto shares.

Advantages of buying the ASX mining stock

For investors who are interested in the ASX mining share, it makes sense to want to invest at the lowest price possible. This period has suddenly made the business noticeably cheaper.

Along with significant share price movements, the attractiveness of each business on the ASX is rapidly changing. Investors are quickly reassessing how much profit they think business can make.

For Rio Tinto's profit, inputs include commodity prices and how much it produces.  

We can't know for sure what's going to happen with commodity prices – they can be even more volatile than share prices. However, the latest developments have been promising for Rio Tinto's profit to hold up.

According to reporting by Trading Economics, the iron ore price was recently above US$102 per tonne thanks to increased demand from Chinese steelmakers despite concerns about US tariffs.

Trading Economics said that hot metal production, a key indicator of iron ore consumption, continued to rise in March, which helped boost iron ore demand.

On top of that, China's factory activity grew at its fastest speed in four months, helped by strong levels of exports.

I think the company's diversification across a number of commodities reduces the risk of concentration on one resource (price). Its current list of commodities includes iron ore, aluminium, copper, borates, lithium, scandium, diamonds, salt, ferrous metallics and titanium dioxide.

Finally, I like that the ASX mining share is working on growing its production in multiple resources, including the Simandou iron ore project, various copper projects and lithium acquisitions and expansions.

Negatives about Rio Tinto shares

It's important to remember that most/all ASX mining shares are exposed to cyclical forces. They are reliant on demand from customers, while increased supply can also be a negative for resource prices. I wouldn't think of this stock as defensive. It's exposed to different risks and rewards than economy-linked businesses like ASX financial shares and ASX retail shares.

I think it's also a good idea to think about 'opportunity cost'. That essentially means – could you unlock a better return for your money/time if you made a different choice? Rio Tinto shares have fallen, but there are numerous businesses that have dropped further.

If I had to choose something that looked good value during this period, i'd pick a high quality ASX share where the appeal has improved by much more than Rio Tinto shares in the last few weeks.