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Trump announces plans to double steel tariffs to 50 per cent

Trump announces plans to double steel tariffs to 50 per cent

US President Donald Trump says he plans to increase tariffs on foreign steel imports from 25 per cent to 50 per cent amid a deepening trade war.

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Guy on Rocks: The monster of a project brewing at Iron Bear
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Guy on Rocks' is a Stockhead series looking at the significant happenings of the resources market each week. Former geologist and experienced stockbroker Guy Le Page, director, and responsible executive at Perth-based financial services provider RM Corporate Finance, shares his high conviction views on the market and his 'hot stocks to watch'. This week on Guy on Rocks, host Guy Le Page dissects the major iron ore project brewing under Cyclone Metals in north Quebec. Tune in to hear more. While Cyclone Metals did not collaborate on this video, it is a Stockhead advertiser at the time of publishing. The views, information, or opinions expressed in this video are solely those of the author and do not represent the views of Stockhead. Stockhead has not provided, endorsed or otherwise assumed responsibility for any financial product advice contained in this article. Viewers should obtain independent advice based on their own circumstances before making any financial decisions.

S&P 500 ends near flat but posts big monthly pct gain
S&P 500 ends near flat but posts big monthly pct gain

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S&P 500 ends near flat but posts big monthly pct gain

The S&P 500 ended a volatile session little changed on Friday as US President Donald Trump slammed China before sounding upbeat about reaching a trade deal, but the benchmark index tallied its biggest monthly increase since November 2023. The Nasdaq also registered its biggest monthly percentage gain since November 2023. May was a choppy month for stocks as Trump's erratic trade policies kept investors on edge, but his softening tariff stance, along with upbeat earnings and tame inflation data, helped the S&P 500 rebound from its April lows. On Friday, all three major stock indexes opened lower after Trump accused China on his Truth Social platform of breaching a trade agreement with the US and issued a new veiled threat to get tougher with Beijing. But the market pared losses as Trump said on Friday afternoon he will speak to China's President Xi Jinping and hopefully work out their differences on trade and tariffs. Strategists said the constant stream of tariff news is unnerving. Investors "don't know how to react to tariff" news at this point, said Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Oklahoma. "The news cycle is maddening." The Dow Jones Industrial Average rose 54.34 points, or 0.13 per cent, to 42,270.07. The S&P 500 lost 0.48 points, or 0.01 per cent, at 5,911.69 and the Nasdaq Composite fell 62.11 points, or 0.32 per cent, to 19,113.77. The S&P 500 also finished Friday with a weekly gain that lifted it less than 4.0 per cent from its February all-time high. The benchmark index rose about 6.2 per cent in May, while the Nasdaq surged 9.6 per cent for the month. "February, March and April was one of the worst three-month periods since COVID, so we needed some gains," Dollarhide said. While the effective US tariff on imports was 2.0 per cent to 3.0 per cent before Trump took office, it stands at about 15 per cent, according to Oxford Research estimates. This would have been lowered to about 6.0 per cent by a trade court ruling, but an appeals court's emergency stay has kept the higher rate in place for now. Investors on Friday also digested data showing US consumer spending increased 2.1 per cent year-on-year in April after advancing 2.3 per cent in March. The Federal Reserve tracks the PCE price measures for its 2.0 per cent inflation target. Traders maintained bets that the US central bank would cut its target for short-term borrowing costs in September. On the earnings front, shares of Ulta Beauty jumped 11.8 per cent after the cosmetics retailer raised its annual profit forecast after beating quarterly results. Declining issues outnumbered advancers by a 1.14-to-1 ratio on the NYSE. There were 94 new highs and 62 new lows on the NYSE. On the Nasdaq, 1,849 stocks rose and 2,651 fell as declining issues outnumbered advancers by a 1.43-to-1 ratio. Volume on US exchanges was 19.34 billion shares, compared with the roughly 18 billion average for the full session over the last 20 trading days.

Live updates: Wall St ends flat after volatile session, ASX set for slight gain
Live updates: Wall St ends flat after volatile session, ASX set for slight gain

ABC News

time31 minutes ago

  • ABC News

Live updates: Wall St ends flat after volatile session, ASX set for slight gain

A series of social media posts from the White House sent Wall Street down, then up then down again — only to end Friday's session flat. Futures trading on the ASX has priced in a marginal rise this morning ahead of Wednesday's important GDP data. Follow the day's financial news and insights from our specialist business reporters on our live blog. Disclaimer: this blog is not intended as investment advice.

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