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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 Holds Steady After Breaking Losing Streak

 

Wall Street markets remained essentially flat on Tuesday, following a day of gains that ended a prolonged losing streak. Investors are closely monitoring a series of corporate earnings reports and upcoming government economic data.

Market Performance:

  • S&P 500 and Dow Jones Industrial Average futures both edged up less than 0.1% before the market opened.
  • UPS shares fell 8% after missing sales and profit targets, despite an increase in package delivery volume.
  • General Motors saw a 2.5% rise in shares after surpassing analysts’ expectations.
  • Coca-Cola shares increased by 1.5% following a positive earnings report and an improved full-year sales outlook.

Economic Indicators:

  • Investors are awaiting the latest data on existing home sales, which have been impacted by high interest rates.
  • Later this week, the government will release its first estimate for second-quarter GDP and an important inflation reading. A lower inflation reading could prompt the Federal Reserve to consider cutting its benchmark rate, which is currently at its highest level in over two decades.

Global Markets:

  • In Asia, Tokyo’s Nikkei 225 closed nearly unchanged, while Chinese markets experienced declines due to investor skepticism over recent policy decisions.

As the week progresses, market participants will continue to focus on corporate earnings and economic data to gauge the health of the economy and the potential direction of monetary policy.


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