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US doubles steel, aluminium tariffs as trading partners respond

US doubles tariffs on steel and aluminium imports as trading partners face deadline for ‘best offers’ to avoid more levies.

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US doubles tariffs on steel and aluminium imports as trading partners face deadline for ‘best offers’ to avoid more levies.

In Short:
The U.S. has imposed a 50% tariff on steel and aluminium imports, affecting global trade and prompting European businesses and officials to seek action against these measures. While the UK is exempt from the new tariffs until July 9, increased costs are disrupting markets and prompting negotiations from countries like Canada and Mexico.

Washington has doubled tariffs on steel and aluminium imports to 50%, effective immediately. This change coincides with the deadline for trading partners to submit their “best offers” to avoid additional tariffs.

European businesses urged the European Commission to act against these tariffs.

Maros Sefcovic of the EU had a meeting with U.S. Trade Representative Jamieson Greer but provided no specifics on the discussions.

President Trump’s administration highlighted the need for increased tariffs after recognising the necessity for more significant support for the domestic steel industry.

The new tariffs apply to all partners except for the UK, which maintains a rate of 25% until at least July 9.

Aluminium market

Increased tariffs have significantly impacted the aluminium market, with prices spiking recently.

The deadline also prompts countries to propose terms that may prevent heavier tariffs from being enacted in the coming weeks.

Currently, uncertainty around U.S. trade policy is causing disruptions for global businesses, particularly in Europe.

Major companies have reported scaling back plans due to the uncertain tariff landscape.

The U.S. heavily relies on steel imports, particularly from Canada and Mexico, which will likely face the brunt of these increased tariffs.

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Gold plunges 5% in biggest drop since 2013

Gold prices plummet over 5%, raising global market concerns as investors react, says Chris Weston from Pepperstone.

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Gold prices plummet over 5%, raising global market concerns as investors react, says Chris Weston from Pepperstone.


Gold prices have crashed over 5% in a single day, sparking concerns across global markets and sending investors scrambling.

Chris Weston from Pepperstone breaks down the causes and implications.

#Gold #Markets #Investing #Commodities #GoldCrash #PreciousMetals #ASX #GlobalMarkets #Finance #Trading


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Trump and Xi set for high-stakes APEC showdown

Trump and Xi to meet at APEC, seeking to ease trade tensions and revive dialogue amid tariff threats.

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Trump and Xi to meet at APEC, seeking to ease trade tensions and revive dialogue amid tariff threats.


President Trump and President Xi Jinping will meet for the first time in six years at the APEC summit, aiming to ease trade tensions and revive dialogue amid tariff threats.

#Trump #XiJinping #APEC #Trade #China #USPolitics #Economy #Tariffs #AsiaPacific #GlobalSummit


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Trump to meet Xi at APEC amid trade tensions

Trump to meet Xi at APEC summit as trade tensions escalate and tariffs loom

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Trump to meet Xi at APEC summit as trade tensions escalate and tariffs loom

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In Short:
– Trump will meet Xi Jinping at the APEC summit in South Korea later this month amid trade tensions.
– China has reshuffled its trade team, appointing Li Yongjie as the new WTO representative.
President Donald Trump confirmed he will meet Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation summit later this month in South Korea.
It marks their first face-to-face encounter in six years amid ongoing trade tensions.Trump expressed hope about achieving a “fantastic deal,” despite escalating disputes. He is prepared to impose significant tariffs on Chinese imports if no agreement is reached. Current U.S. tariffs on Chinese goods average 55%, with a potential increase to 155% looming.

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Trump mentioned that he believes an excellent trade deal would benefit the U.S., China and the global economy. He acknowledged the importance of the negotiations, stating that China respects the U.S. but is always seeking advantages in trade.

China’s Trade Reshuffle

China has reshuffled its trade negotiation team. Li Chenggang has been removed from his position as the representative to the World Trade Organization, while retaining his role as vice minister of commerce. This change aligns with Beijing’s strategy to adjust its trade diplomacy amid tensions.

Li Yongjie has been appointed as the new WTO representative. This team transition comes after scrutiny from U.S. officials and reflects China’s commitment to recalibrating its approach within the ongoing trade discussions.

The upcoming APEC summit will gather leaders from 21 economies, representing a significant portion of global GDP. It serves as a pivotal platform for dialogue, despite the backdrop of intensified trade negotiations.


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