US stocks slide lower after Trump's steel tariff threat
Synopsis Wall Street's main indexes opened lower on Monday after President Donald Trump revealed plans to double tariffs on imported steel and aluminum, fueling more uncertainty around U.S. trade policies. US stocks mostly slipped Monday on global trade tensions, with China rejecting Washington's accusations that it violated a pact to de-escalate tariffs, while President Donald Trump's plans to double steel levies added to strain with the EU.
ADVERTISEMENT The Dow Jones Industrial Average slipped 0.4 percent to 42,109.92, while the broad-based S&P 500 Index lost 0.1 percent to 5,903.38.
The tech-focused Nasdaq Composite Index edged up 0.2 percent to 19,153.48.
"Every time it seems as if the trade war is cooling off," said Sam Stovall of CFRA Research, "another little fire gets set."
"I think that's an issue," he added, noting that tariffs could push inflation measures higher.Temperatures between Washington and Beijing rose as Trump on Friday accused China of violating a deal to temporarily lower tit-for-tat tariffs, signaling renewed strain in trade ties.
ADVERTISEMENT China denied Trump's claims, saying on Monday that Washington made "bogus charges" against it. It vowed to push ahead with countermeasures to safeguard its interests if necessary.Separately, Trump's announcement late Friday that he would double US tariffs on imported steel and aluminum to 50 percent starting midweek sparked dismay from the European Union over the weekend.
ADVERTISEMENT The bloc said Saturday that it "strongly regrets" the planned tariff hike and warned it was prepared to retaliate.Steel stocks surged Monday on Trump's tariffs announcement, with mining firm Cleveland-Cliffs' shares popping by more than 20 percent.
ADVERTISEMENT Looking ahead, investors will be eyeing official employment data released at the end of the week.
"We're heading into a month in which a lot of the economic data could end up being a bit challenging," said Stovall.
(You can now subscribe to our ETMarkets WhatsApp channel)
Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share
Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained
Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms
Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips
L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first?
Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more
SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders
API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading
Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains
Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains
NEXT STORY
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
20 minutes ago
- New Indian Express
‘We don't have any compulsion to go for IPO tomorrow'
Bengaluru-based media technology company Amagi, which has initiated an initial public offering (IPO) process recently, is now expanding into Japan, Australia, Latin America, France and Germany. In an interaction with Uma Kannan, Baskar Subramanian, CEO & Co-Founder of Amagi, says they are seeing a tremendous opportunity in front of them for the next 10 years where they can build extremely large media tech company in the world and that they don't have any compulsion to go public tomorrow. The company's annual revenue in FY24 stood at Rs 942 crore. Edited excerpts: You are a media SaaS unicorn and have been in the business for over 15 years now. What does the market look like? Our customers are TV channels, content creators, live producers, sports news, and anybody who is creating content in the mid-tier to large enterprises. We don't work with the creator economy and influencer economy today; we don't have any product portfolio for it, but we work with the larger mid to enterprise sort of customers. Fundamentally, the world is becoming streaming, and all of us are only watching on IP, internet devices, be it on our phone or connected television, what we call smart TV in India. This has changed things for our customers. One, it's fragmentation of viewership. In the early days of cable, you could go to one channel and always watch the content. Now there are so many places where people are consuming content, be it YouTube, Netflix, Prime, social platforms, connected TV devices to everywhere else and this is becoming a big challenge for the broadcasters and TV channels. This is very similar to what happened in the retail industry. Suddenly people are buying in supermarkets, e-commerce stores and now quick commerce. TV is now connected in every home in India. How are you looking at the Indian market? In India, we have clients, and the country has obviously dramatically changed, given 5G connections. Here we work with Samsung, whose many channels are coming to Samsung TV Plus with the back-end being Amagi. We work with the likes of Republic TV, Times Now and Zee television and provide OTT content. India is a growing market and we have now started to expand but the country is only very close to about a percentage (1%) of our revenue. So, we continue to have a big focus on the international markets with 70% revenue coming from the US. However, we are seeing India as a growing market and it will start to become bigger and bigger for us as we go forward. What are the market opportunities that you are seeing, and whether you have competitors in India as well as outside? We started in the US, expanded into Europe, and then in Asia, we started in Singapore. We are now expanding into Japan, Australia, Latin America, France, and Germany. It's a global market and we are seeing a tremendous opportunity in front of us for the next 10 years where we can build an extremely large, world-class media tech company in the world. Amagi's competition is all traditional hardware players. And we are the only company in the world that talks about a glass-to-glass complete end solution. It is reported that you are looking to raise Rs 3,200 crore through a public listing. Are you planning to hit an IPO soon? If we go for an IPO, we'll go in India. Going through the process, understanding and evaluating markets are very different. We don't know when we do it because timing matters in this industry. As a company, we don't have any compulsion to go for an IPO tomorrow. We are a profitable company, we have money in the bank and we have investors who came in 2022. So, the idea is that eventually we will have to be a public company. If the market is really good, then maybe by the end of the year (we will go for the IPO), or else next year.
Time of India
30 minutes ago
- Time of India
Did you know: THIS Bollywood star purchased Vijay Mallya's Goa pad; paid Rs 73 crore for the luxury mansion
Vijay Mallya was back in the news this past week after his team RCB picked up the IPL trophy this season. The big win coupled with nostalgia swirling, attention once again turned to the high-profile assets he once owned, particularly the villa where Goa's most opulent parties unfolded. Among the many reports that resurfaced on the internet was the sale of his sprawling mansion, the iconic Kingfisher Villa in Goa. After the businessman landed into trouble, his plush pad found a new owner in Bollywood actor and entrepreneur Sachiin Joshi . Renamed King's Mansion, the 12,350 sq. ft. sea-facing estate in Candolim was sold in 2017 for Rs 73.01 crore. Interestingly, this paycheque was significantly lower than its original reserve price of over Rs 90 crore. The off-market sale was reportedly finalised through a private treaty, sources confirmed to PTI. This was reportedly acquired after multiple failed auction attempts by banks trying to recover dues from the businessman. 'Secured creditors have the right to go for a private treaty if the auction route fails,' a person familiar with the matter told PTI. Sprawled across a lush three-acre plot, the estate includes landscaped gardens, open-air dance floors, artificial ponds, and private swimming pools. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Windows Users Don't Forget To Do This Before Sunday Read More Undo 'Today is the day I open the gates to the world,' Joshi said in a statement, officially unveiling the property under its new name - King's Mansion. 'The brand connection from King's Beer and the inherent grandeur of the property made the choice clear.' Joshi, who rose to prominence through films like Azaan and Jackpot, is also a businessman with interests in alcohol, hospitality, wellness, and entertainment. His business ventures include King's Beer, a local favourite in Goa—creating a fitting brand extension in the rechristened mansion. Check out our list of the latest Hindi , English , Tamil , Telugu , Malayalam , and Kannada movies . Don't miss our picks for the best Hindi movies , best Tamil movies, and best Telugu films .
Time of India
30 minutes ago
- Time of India
B'luru stampede: Somanna slams govt, defends suspended top cop
Mysuru: Union minister of state for railways V Somanna on Sunday said even an entire year's state budget cannot compensate for the tragic loss of lives in the stampede at Bengaluru's Chinnaswamy Stadium. His remarks came in response to questions from the media regarding the Karnataka govt's revised compensation of Rs 25 lakh per victim, up from the initial Rs 10 lakh. "Even the amount of one full year's state budget cannot compensate for the lives lost in the stampede at Chinnaswamy Stadium," Somanna said. "Royal Challengers Bengaluru reached the IPL finals after 18 years, and the authorities should have planned accordingly. Unfortunately, the chief minister mishandled the situation. Perhaps, he acted on poor advice from his associates," he added. The minister also criticised the suspension of Bengaluru police commissioner B Dayananda, calling it unjust. "I've known the work of IPS officer Dayananda for many years. His suspension is unfair, especially when he had no direct role in the stampede. It was a good decision to appoint him as commissioner, and he should be reinstated immediately. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Promoções imperdíveis de voos baratos Voos | Anúncios de Pesquisa Saiba Mais Undo Govt has gone off track, and they must be held accountable for this tragedy," he added. Reflecting on his past association with CM Siddaramaiah, Somanna expressed disappointment over what he described as a shift in leadership style. "I was in the Congress and was very close to Siddaramaiah. I knew him well — he was not like this. Power seems to have changed him. In the Congress party, no other leader in the country has been given the kind of freedom Siddaramaiah enjoys. It looks like he has changed just to survive as chief minister. This is not the Siddaramaiah I once knew," he said. Somanna also spoke about his personal transformation after becoming a Union minister. "In the past year, after becoming minister of railways and observing Prime Minister Narendra Modi's daily routine and work ethic, I've changed myself," he said. "The state govt should take note of how the Prime Minister functions. They should visit Delhi and see his discipline and dedication first hand. I'm deeply impressed by Modi's style of governance," he added.
