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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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Market Turmoil: UnitedHealth's Plunge Sends Dow Spiraling Amid Weekly Losses

The stock market faced another turbulent session as UnitedHealth (UNH) shares plummeted over 22%, dragging the Dow Jones Industrial Average down by more than 500 points. The Nasdaq Composite and S&P 500 struggled to find footing, with both indexes sputtering after Wednesday’s tech-led sell-off.

UnitedHealth’s sharp decline followed a cut in its full-year profit forecast, making it the worst-performing Dow component of the day. The broader market also felt the weight of uncertainty surrounding trade policies and Federal Reserve decisions, as Fed Chair Jerome Powell warned of economic challenges ahead  due to tariffs.

Despite a slight rebound in the S&P 500, all three major indexes closed the week lower, with the Dow and Nasdaq falling over 2.5% and the S&P 500 down around 1.5%. Investors now turn their attention to upcoming earnings reports and economic indicators that could shape market sentiment in the coming weeks.


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