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Trade Tensions Rise as EU Prepares Retaliation Against U.S. Tariff Hike

The European Union has strongly condemned President Donald Trump's decision to double tariffs on imported steel and aluminum, warning of swift countermeasures that could escalate global trade tensions. Announced Friday near Pittsburgh, Trump raised existing steel and aluminum tariffs from 25% to 50%, aiming to protect U.S. industry and bolster a $14.9 billion Nippon Steel–U.S. Steel deal. The European Commission responded sharply, calling the move a threat to transatlantic economic stability and global supply chains. “This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic,” a spokesperson said. The EU is finalizing consultations on expanded retaliatory tariffs, set to take effect by July 14 unless a negotiated solution is reached. The reaction from global trade partners was swift. Canada’s Chamber of Commerce criticized the tariffs as a threat to North American economic security, while Canada’s Uni...
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Wall Street Mixed as Earnings Season Kicks Off

 

According to the latest news, Wall Street is mixed as the earnings season kicks off. Futures for the S&P 500 rose less than 0.1%, while futures for the Dow Jones Industrial Average dipped close to 0. The earnings season is a period when companies release their financial reports for the previous quarter. This week, about 70 S&P 500 companies are expected to report their financial results for the last three months of 2023, including American Airlines, Intel, Procter & Gamble, and Tesla.

It is important to note that the earnings season has been mixed so far. General Electric, for example, reported better-than-expected fourth-quarter results but gave a tepid forecast for the current quarter, causing its stock to slip 3.5%. On the other hand, Verizon’s stock jumped nearly 5% in premarket trading after the telecom giant beat revenue and adjusted profit forecasts.

In addition to the earnings season, investors are also awaiting key economic data this week that could test the benchmark S&P 500’s recent bull-market run. On Thursday, the government will give its first estimate for how strongly the economy grew during the last three months of 2023. Economists believe the economy is still growing but at a slower pace than during the summer. That’s what the Federal Reserve wants to see as it continues to battle inflation. On Friday, the government will release the latest reading for the inflation gauge that the Fed prefers to use. Economists expect personal consumption expenditures held steady at 2.6% in December from a month earlier.


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