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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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Dow Set to Build on Rally as Major Week for Markets Begins

 

The Dow Jones Industrial Average is poised to continue its upward momentum as a significant week for the markets kicks off. U.S. stock futures rose on Monday, with Dow futures up approximately 0.4%, following a surge of over 650 points last week. S&P 500 futures and Nasdaq 100 futures also showed gains of 0.4% and 0.6%, respectively.

Investors are gearing up for a busy week filled with key events, including a Federal Reserve rate decision, the July nonfarm payrolls report, and earnings reports from major tech companies like Apple, Microsoft, Amazon, and Meta. The market’s recent rally was bolstered by a promising inflation reading, which has strengthened bets for future interest-rate cuts.

Despite the positive outlook, the market remains cautious after a volatile period marked by a significant tech sell-off. The Federal Reserve is expected to hold off on any rate changes at its meeting on Wednesday, with many analysts predicting that any action will be delayed until September. The upcoming jobs report on Friday is anticipated to reveal potential weaknesses in the labor market, which could influence the timing and extent of future rate cuts.

As investors await these crucial updates, over 150 members of the S&P 500 are set to release their quarterly results, starting with McDonald’s on Monday. This week promises to be a pivotal one for the markets, with potential surprises that could test the resilience of the current rally.


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