'Don't get in my way,' the new acting head of federal disaster agency warns in call with staff
WASHINGTON — The new head of the federal agency tasked with responding to disasters across the country warned staff in a meeting Friday not to try to impede upcoming changes, saying that 'I will run right over you' while also suggesting policy changes that would push more responsibilities to the states.
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News24
15 minutes ago
- News24
Market fall-out as Trump doubles steel, aluminium tariffs
• For more financial news, go to the News24 Business front page. Shares in South Korean and Vietnamese steelmakers, major Asian exporters of the metal to the United States, dropped on Monday after US President Donald Trump said he would double tariffs on imported steel and aluminium to 50%. Trump announced on Friday the new steel and aluminium levies, which take effect on June 4, intensifying a global trade war just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Steel industry experts said while the increased tariff would cause significant disruption for major exporters to the US, the rates could go down in light of some of Trump's trade policy reversals. "Frequent shifts in the Trump administration's tariff policies introduce considerable uncertainty regarding the actual impact ... I think the final result will be far lower than initially projected, especially concerning its duration," said Chelsea Ye, senior analyst at metals research firm McCloskey. South Korea's Industry Ministry said on Monday it will respond to the 50% tariff on steel products as part of its trade discussions with Washington in order to minimise the impact on industry. South Korea was the fourth-biggest exporter of steel to the United States last year, behind Canada, Mexico and Brazil, according to American Iron and Steel Institute data. South Korea's Industry Ministry said in a statement that it had held an emergency meeting with officials from the country's major steelmakers, including POSCO and Hyundai Steel . Shares of South Korean steelmakers lost ground on Monday, with POSCO and Hyundai Steel falling 3% and SeAH Steel Corp down 6.3% in morning trade. In Vietnam, major steelmakers Hoa Sen Group and Nam Kim Steel fell 2.8% and 3.4% respectively. Vietnam Steel Corp also fell 2.7%. Vietnam's exports of steel and steel products to the U.S. fell 27% in the first four months of this year, government data showed. The 50% tariffs will add to the challenges facing Korean steel exporters, which have refrained from sharply boosting exports to the US to avoid Washington's scrutiny, despite rising US steel prices, an industry executive told Reuters. "It will be a burden to exporting companies, if there are no additional steel price increases in the U.S," he told Reuters, asking not to be identified due to the sensitivity of the issue. Despite tariffs, South Korea's steel shipments to the United States rose 12% in April from a year earlier, according to trade data. Steel and aluminium tariffs were among the earliest Trump imposed when he returned to office in January. The tariffs of 25% on most steel and aluminium imported to the US went into effect on March 12. Industry officials said the tariffs have increased US steel prices, affecting several sectors, including home appliances, cars, and construction. Trade talks South Korea, a major US ally, has called for an exemption from tariffs on steel, autos and others items, during talks with the United States. Seoul agreed in late April to craft a trade package by the end of the 90-day pause on Trump's reciprocal tariffs in July, but it has been difficult for negotiators to make big decisions due to a political leadership vacuum ahead of elections on Tuesday. In late March, Hyundai Steel announced a plan to build a $5.8 billion factory in Louisiana in response to US tariffs, but the factory will not open until 2029. In April, Hyundai Steel's bigger rival POSCO signed a preliminary deal to make an equity investment in the factory project. In India, which relies heavily on the US for aluminium exports, industry experts also warned of a major hit. "This is going to have a detrimental impact," B.K. Bhatia, director-general at the Federation of Indian Mineral Industries, the country's leading mining body, told Reuters. "The US is the biggest market for Indian aluminium. Government has been negotiating so we are hopeful that with talks, the tariffs will come down." The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. "The latest hike will prompt these sellers to renegotiate with their US buyers on how to and who will shoulder the extra 25% cost," said Thaiseer Jaffar, founder of Dubai-based steel industry event organiser Global Steel Summit.
Wall Street Journal
34 minutes ago
- Wall Street Journal
Gold Futures Rise on Escalating Market Volatility, Safe-Haven Demand
0758 GMT – Gold futures rise on heightened geopolitical and macroeconomic risk that increases the precious metal's safe-haven appeal. Futures are up 1.9% at $3,378.0 a troy ounce. Gold is gaining as China pushes back on U.S. President Trump's accusation last week that it broke a temporary trade agreement, souring market hopes for a lasting resolution to the trade tensions. Trump has further threatened to double the current 25% tariffs on all steel and aluminum imports from Wednesday, further stoking market volatility. Meanwhile, geopolitical tensions were also ratcheted up over the weekend, as Ukraine launched drone attacks deep inside Russian territory. (
Wall Street Journal
42 minutes ago
- Wall Street Journal
Podcast: Trump's Plan B After Trade Court Setback
Last week, an obscure trade court dropped a bombshell ruling: President Trump didn't have the authority to issue sweeping tariffs under a 1977 law. The government has appealed the court's decision. WSJ's James Fanelli and Gavin Bade dig into the ruling and what it could mean for the future of Trump's trade agenda. Annie Minoff hosts. 🎧 Listen here to The Journal podcast.
