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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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Steady Hands: Federal Reserve Holds Rates Amid Economic Uncertainty

The Federal Reserve is expected to maintain its current interest rates as officials seek a clearer picture of the U.S. economy’s trajectory. With conflicting signals—ranging from a slowdown in first-quarter GDP to strong employment data—policymakers are opting for caution rather than immediate action.  

Investors anticipate that the Fed will keep rates within the 4.25%-4.50% range until at least July. While inflation has shown signs of easing, underlying price pressures remain, and the impact of President Trump’s tariffs on consumer costs is still unfolding.  

Fed Chair Jerome Powell has emphasized the need for patience, acknowledging the uncertainty surrounding fiscal policies and their potential economic consequences. As the central bank waits for more definitive data, markets remain watchful for any shifts in monetary policy that could influence borrowing costs and economic growth.

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