From Yahoo Finance: 2025-06-02 13:17:00

The latest hike in steel tariffs by Donald Trump is seen as counterproductive by leading steel analysts. Analysts predict negative effects on the US steel market, with prices rising and uncertainties looming. The move has sparked pessimism in European markets, with London shares flat and key rivals down. Trump’s tariffs have led to fears of a global trade war, impacting markets worldwide and increasing uncertainty for investors.

The European Union is preparing countermeasures against the US after Trump’s surprise tariffs on steel. Talks between Brussels and Washington have been complicated, with threats of retaliation. The EU is finalizing countermeasures to take effect in July. Meanwhile, Wall Street struggles as Trump’s tariff plans hit the economy, with the three main indexes opening lower and steel companies rising while carmakers fall.

Norwegian sales of Tesla cars have surged due to incentives, becoming the best-selling car in the country. However, Tesla sales in France and the EU have plummeted amid growing competition and consumer backlash against Musk’s politics. The price of gold has risen sharply amid global trade tensions, reaching near an all-time high. The dollar has weakened against major currencies as Trump’s tariffs impact US manufacturing exports and imports.

US factories have seen a sharp decline in imports, with export orders falling to a five-year low. Trump’s tariff regime has caused a major slowdown in manufacturing activity, impacting demand and output. Concerns over rising costs and uncertainty have led to a contraction in the manufacturing sector. The UK and Europe face challenges due to Trump’s trade policies, with analysts warning of negative impacts on steel and wider demand.

Asian markets and the dollar have fallen as US-China trade tensions deepen. Caution prevails as stock markets react to Trump’s threat to double tariffs on steel and aluminum. Treasury Secretary Scott Bessent plans to address disputes with China over critical minerals. The dollar weakens against major currencies, while European and Asian steelmakers face market uncertainty.

China accuses the US of violating the trade deal, sparking renewed economic tensions. Beijing hits back after Trump’s claims of a broken agreement, leading to a sharp drop in Asian markets. The US-China dispute escalates, impacting global trade and market confidence. Asian stocks and the dollar decline as trade tensions heighten, causing uncertainty in international markets.

Read more: Pound closes in on three-year high as concerns over US tariffs mount