Steel, Trump
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Salzgitter, Germany's second-biggest steelmaker, on Monday warned that Washington's tariff policy was dealing a severe blow to European industry, after the U.S. administration unveiled plans to double steel import levies to 50%.
Asia stock markets trade in red on Monday, followed President Trump's announcement on Friday of plans to raise steel import tariffs from 25% to 50%, effective Wednesday, framing it as a step to reduce reliance on China.
The so-called TACO trade will be tested as markets wait to see if Trump will actually follow through with his latest threat or if he will put it on hold soon.
European shares opened lower on Monday, after rounding off monthly gains in May, as U.S. President Donald Trump's new tariff plans threatened to rekindle global trade tensions. The continent-wide STOXX 600 was down 0.
Iron ore fell to its lowest level since early May alongside equity markets after President Donald Trump said he would double tariffs on steel and aluminum to help protect American workers.
President Trump would invoke other tariff authorities if his appeal of a trade court's ruling isn't successful, Commerce Secretary Lutnick said.
One official said that the president is unlikely to delay his initial 90-day pause on some of his highest rates.
The president's plan - where countries face between 11% to more than 100% tariffs on goods brought into the US - was announced in April. But the majority of the tariffs were paused by Trump for 90 days in the wake of stock market volatility.
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