Business Matters Trump doubles tariffs on steel imports to 50%
American President Donald Trump has announced at a rally in Pittsburgh, Pennsylvania that the US will double tariffs on steel imports from 25% to 50% to boost the local steel industry. The announcement is the latest turn in Trump's rollercoaster approach to tariffs since re-entering office in January.
Meanwhile, it was the last day at the White House for tech billionaire Elon Musk who has departed from his role at DOGE (Department of Government Efficiency.) We examine what he has achieved in the role, what his priorities will be at Tesla and Space X, and whether he and President Trump can remain friends
And with the Indian economy showing a growth of 7.4% between January and March, beating analyst expectations, we analyse what's behind the numbers and if the growth can continue
To discuss these and the big global business news of the day, presenter Devina Gupta, is joined by Andy Uhler, journalism fellow at University of Texas Energy Institute in the US and Rachel Cartland, author and commentator based in Hong Kong.
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Reuters
32 minutes ago
- Reuters
Lutnick downplays impact of tariff court ruling on US, EU talks
WASHINGTON, June 1 (Reuters) - U.S. Commerce Secretary Howard Lutnick downplayed the impact of legal uncertainty around U.S. tariffs on negotiations with the European Union during an interview with Fox News Sunday, saying talks were ongoing. Lutnick was asked about a Reuters report quoting an unnamed EU official close to negotiations who said the legal uncertainty of the tariffs in the U.S. gave the E.U. "extra leverage." "You can't listen to silly people making silly comments," Lutnick said. "All of the countries that are negotiating with us understand the power of Donald Trump and his ability to protect the American worker." A U.S. trade court blocked most of President Donald Trump's tariffs in a sweeping ruling last week that found the president overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. A U.S. federal appeals court paused that ruling a day later, allowing the tariffs to go into effect while it considered an appeal by the Trump administration. Lutnick said the ruling "maybe cost us a week, but then everybody came right back to the table." Trump in late May threatened 50% tariffs on all European goods by June 1 but days later delayed the effective date to July 9 to allow for time to negotiate. Trump also said on Friday that he would increase tariffs on imported steel and aluminum to 50% from 25%, leading the European Commission on Saturday to say it could consider countermeasures. Speaking on ABC News' 'This Week,' White House economic adviser Kevin Hassett said the U.S. needed to protect its steel industry for national security reasons in light of economic rival China's steel production. "We have to show strength," Hassett said. "We have to have a steel industry that's ready for American defense."
Daily Mail
38 minutes ago
- Daily Mail
Realtors panic as buyers pull out of deals at near record levels
The US housing market is teetering — and buyers are running for the exits. Spooked by high mortgage rates, mounting insurance premiums, and growing fears of a shaky economy, an astonishing one in seven buyers are bailing at the last minute. In April alone, 56,000 home purchase contracts were canceled — equal to 14.3 percent of all pending deals, according to a new report from Redfin. That's the second-highest April cancellation rate ever recorded, topped only by the early pandemic chaos in 2020. Reasons for would-be buyers to bail are stacking up fast. A shaky economy and fear of jobs as a result has caused many to get cold feet as they worry they will not be able to cover the monthly payment. Stubbornly-high mortgage rates that hit 7 percent mean those payments are higher than many want to pay. Growing evidence of the house price bubble burst are the icing on the cake for many. They do not want to buy now, only to see property values plummet. The Miami housing market is on a knife-edge as spiraling numbers of homebuyers pull out of deals. It's the latest area in the Sunshine State at risk of a crash. Desiree Bourgeois (pictured), a Redfin realtor in Detroit, said that at a recent open house, younger buyers were worried about how tariffs, and the economic uncertainty around them, was going to impact the housing market. 'They're hearing the words "tariffs" and "recession," and it's making them nervous that if they buy now, the value of their home will decline, and they don't know whether mortgage rates will go up or down. 'There's a lot of uncertainty out there, with buyers trying to understand how their purchase would fit into their personal finances and the broader economic puzzle.' Meanwhile, Efosa, CEO of Fire Cash Buyer , said he has pulled out of two contracts recently because he's not optimistic about where the US housing market is headed. Instead, he's waiting for the market to crash, then he plans to buy. 'I'm waiting on the market to cycle as it did in 2008. This is a perfect storm for an eventual market crash due to this affordability crisis,' he says. 'I will be one of the smart ones waiting on the sideline to buy at the right time, not at the top of the market.' Once again, Florida is proving to be a problem. The Sunshine State accounts for five of the ten areas with the highest cancellation rates, including Orlando (19.4 percent), Tampa (19.1 percent), and Miami (18.9 percent). Other cities hit hard with last minute cancellations include Atlanta, with 20 percent of pending sales falling through, That was followed by Riverside, CA (19.1 percent) and Fort Worth, TX (18.7 percent.) Buyers are also being met with too many choices, which is causing them to back out of deals at the last minute. Housing inventory is at a five-year high, and some buyers are backing out during inspection in hopes of finding something better. In disaster prone areas like California and Louisiana, skyrocketing insurance premiums are killing deals. 'Some lenders won't sign off if buyers can't insure the home affordably,' Efosa says. But despite many potential buyers ability to seal the deal, savvy house hunters are on alert. Redfin reports that when deals fall through, there's a window of opportunity for those who are serious about buying. 'Two of my buyers got great homes this way,' said Alison Williams, a Sacramento-based agent. 'When a deal collapses, we jump in before the home even relists.' Williams advises that if a buyer is outbid, they should have their real estate agent submit a backup offer anyway. If the winning bidder backs out, you're up next – likely at a discount. In the current housing market, sellers are also having to come back to reality on pricing on concessions. It's a buyer's market. 'When buyers pull out, sellers are lowering prices and offering concessions just to seal the deal' Efosa says. While Florida sits atop the cancellation study, the biggest year-over-year jumps in contract fails came from Anaheim, CA (up 3.1 points), Seattle, Milwaukee, and Los Angeles — areas all dealing with too many listings flooding the market. On the low end, Nassau County, NY had the lowest cancellation rate in the US at 4.8 percent. With the mass cancellations, Efosa says believe a market correction is inevitable. 'It's already happening,' Efosa warned. 'Foreclosures are up. The market will have to come down. The numbers don't lie.' Meanwhile, sellers are panicking about just how much they will have to lower the price of their homes in order to sell. Over the next year, home prices will drop by 1, according to Redfin, marking the end of more than a decade of almost uninterrupted price hikes. Before and during the pandemic, when there were record-low mortgage rates, buyers would often face bidding wars and lose out on homes. Now, the ball is in their court. The average 30-year fixed mortgage rate was 7 percent on Memorial Day. Redfin predicts rates are likely to hover around 6.8 percent through 2025. Meanwhile, inventory keeps rising. The number of homes on the market has shot up 16.7 percent in just a year — to the highest level in 5 years.
The Guardian
an hour ago
- The Guardian
Khurshid Ahmad obituary
My friend Khurshid Ahmad, who has died aged 93, was a pioneering scholar admired for helping to develop the field of Islamic economics as an academic discipline. In 1973 he founded the Islamic Foundation in Leicester, a centre dedicated to research, education and training that has published more than 400 books and papers. It is now housed at the Markfield Conference Centre in Markfield, Leicestershire. Khurshid believed that conventional banking methods produce various forms of injustice, and he was deeply opposed to the charging of interest to people who borrow money. Much of his work was based on trying to find alternatives to interest-charging that were compliant with ethical Islamic principles. Khurshid was born in Delhi, in India, to Nazir Ahmad Qureishi, a journalist and businessman, and Sarwar Jahan. He attended the Anglo-Arabic school in Delhi, then, following the birth of the state of Pakistan in 1947, migrated with his family to Lahore. After gaining a degree in economics from Karachi University, followed by a master's in Islamic studies, he taught economics in Karachi at the Urdu College and Karachi University. He moved to the UK in 1968 to do a PhD, and after setting up the Islamic Foundation, he served as its chairman until his retirement in 2017. He was awarded a number of honorary doctorates, including by Loughborough University and the University of Malaya in Malaysia. Khurshid's wife, Azra (nee Mohebullah), whom he married in 1967, died in 2015. He is survived by their sons, Haris, Salman and Umer, and daughters, Asma, Salma and Fariha, and by his brother, Anis.
