Latest news with #US14.9
The Advertiser
3 days ago
- Business
- The Advertiser
Trump vows to double steel tariffs to 50 per cent
US President Donald Trump plans to increase tariffs on imported steel and aluminium to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25 per cent increase. We're going to bring it from 25 per cent to 50 per cent - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania on Friday. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the $US14.9 billion ($A23.2 billion) deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminium products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26 per cent after the market close as investors bet the new levies would help its profits. The doubling of steel and aluminium levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security". "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminium comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Australia's government also condemned the tariff increase as "unjustified and not the act of a friend". Australia, a key US security ally in the Indo-Pacific, would "continue to engage and advocate strongly for the removal of the tariffs", Trade Minister Don Farrell said in a statement. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. 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. Steel and aluminium tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50 per cent levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $US147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $US50 billion in annual import value. US President Donald Trump plans to increase tariffs on imported steel and aluminium to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25 per cent increase. We're going to bring it from 25 per cent to 50 per cent - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania on Friday. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the $US14.9 billion ($A23.2 billion) deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminium products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26 per cent after the market close as investors bet the new levies would help its profits. The doubling of steel and aluminium levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security". "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminium comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Australia's government also condemned the tariff increase as "unjustified and not the act of a friend". Australia, a key US security ally in the Indo-Pacific, would "continue to engage and advocate strongly for the removal of the tariffs", Trade Minister Don Farrell said in a statement. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. 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. Steel and aluminium tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50 per cent levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $US147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $US50 billion in annual import value. US President Donald Trump plans to increase tariffs on imported steel and aluminium to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25 per cent increase. We're going to bring it from 25 per cent to 50 per cent - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania on Friday. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the $US14.9 billion ($A23.2 billion) deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminium products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26 per cent after the market close as investors bet the new levies would help its profits. The doubling of steel and aluminium levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security". "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminium comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Australia's government also condemned the tariff increase as "unjustified and not the act of a friend". Australia, a key US security ally in the Indo-Pacific, would "continue to engage and advocate strongly for the removal of the tariffs", Trade Minister Don Farrell said in a statement. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. 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. Steel and aluminium tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50 per cent levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $US147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $US50 billion in annual import value. US President Donald Trump plans to increase tariffs on imported steel and aluminium to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25 per cent increase. We're going to bring it from 25 per cent to 50 per cent - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania on Friday. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the $US14.9 billion ($A23.2 billion) deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminium products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26 per cent after the market close as investors bet the new levies would help its profits. The doubling of steel and aluminium levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security". "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminium comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Australia's government also condemned the tariff increase as "unjustified and not the act of a friend". Australia, a key US security ally in the Indo-Pacific, would "continue to engage and advocate strongly for the removal of the tariffs", Trade Minister Don Farrell said in a statement. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. 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. Steel and aluminium tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50 per cent levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $US147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $US50 billion in annual import value.
Otago Daily Times
3 days ago
- Business
- Otago Daily Times
US to double steel, aluminium tariffs to 50%: Trump
US President Donald Trump says he plans to increase tariffs on foreign imports of steel and aluminium to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% -- the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania. Trump announced the tariff increase on steel products at a speech given just outside of Pittsburgh, Pennsylvania, where he was talking up an agreement between Nippon Steel and U.S. Steel. Trump said the $US14.9 billion deal, like the tariff increase, would help keep jobs for steel workers in the US. Later, he added the increased tariff would also apply to aluminium products and that it would take effect on June 4. "Our steel and aluminum industries are coming back like never before," Trump said in a post on Truth Social. Shares of steelmaker Cleveland-Cliffs Inc surged 26% after the market close as investors bet the new levies will help its profits. The doubling of steel and aluminium levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The steel and aluminium tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25% on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The total 2024 import value for the 289 product categories came to $US147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the U.S. International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $US50 billion in annual import value. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tonnes 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 Advertiser
26-05-2025
- Business
- The Advertiser
Asian stocks, euro gain after Trump delays EU tariffs
Stock markets across Asia have edged higher and the euro has rallied after President Donald Trump abruptly extended by more than a month his threat to slap 50 per cent tariffs on EU goods, marking another temporary reprieve as part of his erratic trade policy. Trump agreed on Sunday to extend his deadline for trade talks until July 9, from the June 1 deadline he set on Friday, after European Commission President Ursula von der Leyen said the bloc needed more time to "reach a good deal". Market sentiment had been steadying after a sharp selloff across most assets last month as Trump paused his growth-denting tariffs and investors were keen on fresh trade deals after a pact with UK and a temporary agreement with China. However, Trump's latest policy moves were a reminder to investors how quickly circumstances could change and analysts have been pointing out that investors are shifting their money out of the US to Europe and Asia as they price in a possible US recession and a consequent global slowdown. "(The tariffs are) well above the 20 per cent original reciprocal tariff on the EU. The US, EU, and China account for 60 per cent of global GDP and so this escalation bodes ill for the entire world," analysts at Brown Brothers Harriman said in a note. Apple was also caught in the trade crossfire on Friday, after Trump threatened a 25 per cent levy on all imported iPhones bought by US consumers. On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.12 per cent, while Japan's Nikkei was marginally higher. Trading volumes on Monday are expected to be thin given that markets in the United States and the United Kingdom are closed due to public holidays. Japan's Nippon Steel's jumped 4.3 per cent after Trump on Friday expressed support for the company's $US14.9 billion ($A22.8 billion) bid for US Steel, saying their "planned partnership" would create jobs and help the American economy. Shares of US Steel soared 21 per cent on Friday. Super-long Japanese bonds will be in focus, with inflation data expected later in the week as investors try to gauge the Bank of Japan's monetary policy outlook. Yields on the tenors hit record levels last week. Ballooning debt levels in developed economies were also brought back into focus following Moody's credit rating downgrade of the United States and weak debt auctions in the US and Japan last week. China's blue-chip index slipped 0.2 per cent in early trading on Monday, while Hong Kong's Hang Seng Index dipped 0.4 per cent. Among currencies, the euro strengthened 0.3 per cent to $1.1397 to touch its highest since April 30, while the greenback recovered as much as 0.3 per cent to 143.085 yen, after diving one per cent on Friday. On Wednesday, an earnings report from artificial intelligence bellwether Nvidia will be in the spotlight - the last of the "Magnificent Seven" group of growth stocks that had spearheaded a more than two-year US bull market. Analysts said the semiconductor giant's quarterly report could be the next catalyst for markets, given its forecasts are seen as an indication of demand for tech infrastructure. Nvidia's shares are down more than two per cent this year after investors took notice of cheaper Chinese AI models in the aftermath of DeepSeek's release, while CEO Jensen Huang has flagged that US export curbs will also hit sales. Reuters reported on Saturday that Nvidia will launch a new AI chipset for China at a significantly lower price, subject to US government approval. On the commodities front, crude prices traded higher, while gold eased marginally from a two-week high. Stock markets across Asia have edged higher and the euro has rallied after President Donald Trump abruptly extended by more than a month his threat to slap 50 per cent tariffs on EU goods, marking another temporary reprieve as part of his erratic trade policy. Trump agreed on Sunday to extend his deadline for trade talks until July 9, from the June 1 deadline he set on Friday, after European Commission President Ursula von der Leyen said the bloc needed more time to "reach a good deal". Market sentiment had been steadying after a sharp selloff across most assets last month as Trump paused his growth-denting tariffs and investors were keen on fresh trade deals after a pact with UK and a temporary agreement with China. However, Trump's latest policy moves were a reminder to investors how quickly circumstances could change and analysts have been pointing out that investors are shifting their money out of the US to Europe and Asia as they price in a possible US recession and a consequent global slowdown. "(The tariffs are) well above the 20 per cent original reciprocal tariff on the EU. The US, EU, and China account for 60 per cent of global GDP and so this escalation bodes ill for the entire world," analysts at Brown Brothers Harriman said in a note. Apple was also caught in the trade crossfire on Friday, after Trump threatened a 25 per cent levy on all imported iPhones bought by US consumers. On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.12 per cent, while Japan's Nikkei was marginally higher. Trading volumes on Monday are expected to be thin given that markets in the United States and the United Kingdom are closed due to public holidays. Japan's Nippon Steel's jumped 4.3 per cent after Trump on Friday expressed support for the company's $US14.9 billion ($A22.8 billion) bid for US Steel, saying their "planned partnership" would create jobs and help the American economy. Shares of US Steel soared 21 per cent on Friday. Super-long Japanese bonds will be in focus, with inflation data expected later in the week as investors try to gauge the Bank of Japan's monetary policy outlook. Yields on the tenors hit record levels last week. Ballooning debt levels in developed economies were also brought back into focus following Moody's credit rating downgrade of the United States and weak debt auctions in the US and Japan last week. China's blue-chip index slipped 0.2 per cent in early trading on Monday, while Hong Kong's Hang Seng Index dipped 0.4 per cent. Among currencies, the euro strengthened 0.3 per cent to $1.1397 to touch its highest since April 30, while the greenback recovered as much as 0.3 per cent to 143.085 yen, after diving one per cent on Friday. On Wednesday, an earnings report from artificial intelligence bellwether Nvidia will be in the spotlight - the last of the "Magnificent Seven" group of growth stocks that had spearheaded a more than two-year US bull market. Analysts said the semiconductor giant's quarterly report could be the next catalyst for markets, given its forecasts are seen as an indication of demand for tech infrastructure. Nvidia's shares are down more than two per cent this year after investors took notice of cheaper Chinese AI models in the aftermath of DeepSeek's release, while CEO Jensen Huang has flagged that US export curbs will also hit sales. Reuters reported on Saturday that Nvidia will launch a new AI chipset for China at a significantly lower price, subject to US government approval. On the commodities front, crude prices traded higher, while gold eased marginally from a two-week high. Stock markets across Asia have edged higher and the euro has rallied after President Donald Trump abruptly extended by more than a month his threat to slap 50 per cent tariffs on EU goods, marking another temporary reprieve as part of his erratic trade policy. Trump agreed on Sunday to extend his deadline for trade talks until July 9, from the June 1 deadline he set on Friday, after European Commission President Ursula von der Leyen said the bloc needed more time to "reach a good deal". Market sentiment had been steadying after a sharp selloff across most assets last month as Trump paused his growth-denting tariffs and investors were keen on fresh trade deals after a pact with UK and a temporary agreement with China. However, Trump's latest policy moves were a reminder to investors how quickly circumstances could change and analysts have been pointing out that investors are shifting their money out of the US to Europe and Asia as they price in a possible US recession and a consequent global slowdown. "(The tariffs are) well above the 20 per cent original reciprocal tariff on the EU. The US, EU, and China account for 60 per cent of global GDP and so this escalation bodes ill for the entire world," analysts at Brown Brothers Harriman said in a note. Apple was also caught in the trade crossfire on Friday, after Trump threatened a 25 per cent levy on all imported iPhones bought by US consumers. On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.12 per cent, while Japan's Nikkei was marginally higher. Trading volumes on Monday are expected to be thin given that markets in the United States and the United Kingdom are closed due to public holidays. Japan's Nippon Steel's jumped 4.3 per cent after Trump on Friday expressed support for the company's $US14.9 billion ($A22.8 billion) bid for US Steel, saying their "planned partnership" would create jobs and help the American economy. Shares of US Steel soared 21 per cent on Friday. Super-long Japanese bonds will be in focus, with inflation data expected later in the week as investors try to gauge the Bank of Japan's monetary policy outlook. Yields on the tenors hit record levels last week. Ballooning debt levels in developed economies were also brought back into focus following Moody's credit rating downgrade of the United States and weak debt auctions in the US and Japan last week. China's blue-chip index slipped 0.2 per cent in early trading on Monday, while Hong Kong's Hang Seng Index dipped 0.4 per cent. Among currencies, the euro strengthened 0.3 per cent to $1.1397 to touch its highest since April 30, while the greenback recovered as much as 0.3 per cent to 143.085 yen, after diving one per cent on Friday. On Wednesday, an earnings report from artificial intelligence bellwether Nvidia will be in the spotlight - the last of the "Magnificent Seven" group of growth stocks that had spearheaded a more than two-year US bull market. Analysts said the semiconductor giant's quarterly report could be the next catalyst for markets, given its forecasts are seen as an indication of demand for tech infrastructure. Nvidia's shares are down more than two per cent this year after investors took notice of cheaper Chinese AI models in the aftermath of DeepSeek's release, while CEO Jensen Huang has flagged that US export curbs will also hit sales. Reuters reported on Saturday that Nvidia will launch a new AI chipset for China at a significantly lower price, subject to US government approval. On the commodities front, crude prices traded higher, while gold eased marginally from a two-week high. Stock markets across Asia have edged higher and the euro has rallied after President Donald Trump abruptly extended by more than a month his threat to slap 50 per cent tariffs on EU goods, marking another temporary reprieve as part of his erratic trade policy. Trump agreed on Sunday to extend his deadline for trade talks until July 9, from the June 1 deadline he set on Friday, after European Commission President Ursula von der Leyen said the bloc needed more time to "reach a good deal". Market sentiment had been steadying after a sharp selloff across most assets last month as Trump paused his growth-denting tariffs and investors were keen on fresh trade deals after a pact with UK and a temporary agreement with China. However, Trump's latest policy moves were a reminder to investors how quickly circumstances could change and analysts have been pointing out that investors are shifting their money out of the US to Europe and Asia as they price in a possible US recession and a consequent global slowdown. "(The tariffs are) well above the 20 per cent original reciprocal tariff on the EU. The US, EU, and China account for 60 per cent of global GDP and so this escalation bodes ill for the entire world," analysts at Brown Brothers Harriman said in a note. Apple was also caught in the trade crossfire on Friday, after Trump threatened a 25 per cent levy on all imported iPhones bought by US consumers. On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.12 per cent, while Japan's Nikkei was marginally higher. Trading volumes on Monday are expected to be thin given that markets in the United States and the United Kingdom are closed due to public holidays. Japan's Nippon Steel's jumped 4.3 per cent after Trump on Friday expressed support for the company's $US14.9 billion ($A22.8 billion) bid for US Steel, saying their "planned partnership" would create jobs and help the American economy. Shares of US Steel soared 21 per cent on Friday. Super-long Japanese bonds will be in focus, with inflation data expected later in the week as investors try to gauge the Bank of Japan's monetary policy outlook. Yields on the tenors hit record levels last week. Ballooning debt levels in developed economies were also brought back into focus following Moody's credit rating downgrade of the United States and weak debt auctions in the US and Japan last week. China's blue-chip index slipped 0.2 per cent in early trading on Monday, while Hong Kong's Hang Seng Index dipped 0.4 per cent. Among currencies, the euro strengthened 0.3 per cent to $1.1397 to touch its highest since April 30, while the greenback recovered as much as 0.3 per cent to 143.085 yen, after diving one per cent on Friday. On Wednesday, an earnings report from artificial intelligence bellwether Nvidia will be in the spotlight - the last of the "Magnificent Seven" group of growth stocks that had spearheaded a more than two-year US bull market. Analysts said the semiconductor giant's quarterly report could be the next catalyst for markets, given its forecasts are seen as an indication of demand for tech infrastructure. Nvidia's shares are down more than two per cent this year after investors took notice of cheaper Chinese AI models in the aftermath of DeepSeek's release, while CEO Jensen Huang has flagged that US export curbs will also hit sales. Reuters reported on Saturday that Nvidia will launch a new AI chipset for China at a significantly lower price, subject to US government approval. On the commodities front, crude prices traded higher, while gold eased marginally from a two-week high.
West Australian
26-05-2025
- Business
- West Australian
Asian stocks, euro gain after Trump delays EU tariffs
Stock markets across Asia have edged higher and the euro has rallied after President Donald Trump abruptly extended by more than a month his threat to slap 50 per cent tariffs on EU goods, marking another temporary reprieve as part of his erratic trade policy. Trump agreed on Sunday to extend his deadline for trade talks until July 9, from the June 1 deadline he set on Friday, after European Commission President Ursula von der Leyen said the bloc needed more time to "reach a good deal". Market sentiment had been steadying after a sharp selloff across most assets last month as Trump paused his growth-denting tariffs and investors were keen on fresh trade deals after a pact with UK and a temporary agreement with China. However, Trump's latest policy moves were a reminder to investors how quickly circumstances could change and analysts have been pointing out that investors are shifting their money out of the US to Europe and Asia as they price in a possible US recession and a consequent global slowdown. "(The tariffs are) well above the 20 per cent original reciprocal tariff on the EU. The US, EU, and China account for 60 per cent of global GDP and so this escalation bodes ill for the entire world," analysts at Brown Brothers Harriman said in a note. Apple was also caught in the trade crossfire on Friday, after Trump threatened a 25 per cent levy on all imported iPhones bought by US consumers. On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.12 per cent, while Japan's Nikkei was marginally higher. Trading volumes on Monday are expected to be thin given that markets in the United States and the United Kingdom are closed due to public holidays. Japan's Nippon Steel's jumped 4.3 per cent after Trump on Friday expressed support for the company's $US14.9 billion ($A22.8 billion) bid for US Steel, saying their "planned partnership" would create jobs and help the American economy. Shares of US Steel soared 21 per cent on Friday. Super-long Japanese bonds will be in focus, with inflation data expected later in the week as investors try to gauge the Bank of Japan's monetary policy outlook. Yields on the tenors hit record levels last week. Ballooning debt levels in developed economies were also brought back into focus following Moody's credit rating downgrade of the United States and weak debt auctions in the US and Japan last week. China's blue-chip index slipped 0.2 per cent in early trading on Monday, while Hong Kong's Hang Seng Index dipped 0.4 per cent. Among currencies, the euro strengthened 0.3 per cent to $1.1397 to touch its highest since April 30, while the greenback recovered as much as 0.3 per cent to 143.085 yen, after diving one per cent on Friday. On Wednesday, an earnings report from artificial intelligence bellwether Nvidia will be in the spotlight - the last of the "Magnificent Seven" group of growth stocks that had spearheaded a more than two-year US bull market. Analysts said the semiconductor giant's quarterly report could be the next catalyst for markets, given its forecasts are seen as an indication of demand for tech infrastructure. Nvidia's shares are down more than two per cent this year after investors took notice of cheaper Chinese AI models in the aftermath of DeepSeek's release, while CEO Jensen Huang has flagged that US export curbs will also hit sales. Reuters reported on Saturday that Nvidia will launch a new AI chipset for China at a significantly lower price, subject to US government approval. On the commodities front, crude prices traded higher, while gold eased marginally from a two-week high.
Perth Now
26-05-2025
- Business
- Perth Now
Asian stocks, euro gain after Trump delays EU tariffs
Stock markets across Asia have edged higher and the euro has rallied after President Donald Trump abruptly extended by more than a month his threat to slap 50 per cent tariffs on EU goods, marking another temporary reprieve as part of his erratic trade policy. Trump agreed on Sunday to extend his deadline for trade talks until July 9, from the June 1 deadline he set on Friday, after European Commission President Ursula von der Leyen said the bloc needed more time to "reach a good deal". Market sentiment had been steadying after a sharp selloff across most assets last month as Trump paused his growth-denting tariffs and investors were keen on fresh trade deals after a pact with UK and a temporary agreement with China. However, Trump's latest policy moves were a reminder to investors how quickly circumstances could change and analysts have been pointing out that investors are shifting their money out of the US to Europe and Asia as they price in a possible US recession and a consequent global slowdown. "(The tariffs are) well above the 20 per cent original reciprocal tariff on the EU. The US, EU, and China account for 60 per cent of global GDP and so this escalation bodes ill for the entire world," analysts at Brown Brothers Harriman said in a note. Apple was also caught in the trade crossfire on Friday, after Trump threatened a 25 per cent levy on all imported iPhones bought by US consumers. On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.12 per cent, while Japan's Nikkei was marginally higher. Trading volumes on Monday are expected to be thin given that markets in the United States and the United Kingdom are closed due to public holidays. Japan's Nippon Steel's jumped 4.3 per cent after Trump on Friday expressed support for the company's $US14.9 billion ($A22.8 billion) bid for US Steel, saying their "planned partnership" would create jobs and help the American economy. Shares of US Steel soared 21 per cent on Friday. Super-long Japanese bonds will be in focus, with inflation data expected later in the week as investors try to gauge the Bank of Japan's monetary policy outlook. Yields on the tenors hit record levels last week. Ballooning debt levels in developed economies were also brought back into focus following Moody's credit rating downgrade of the United States and weak debt auctions in the US and Japan last week. China's blue-chip index slipped 0.2 per cent in early trading on Monday, while Hong Kong's Hang Seng Index dipped 0.4 per cent. Among currencies, the euro strengthened 0.3 per cent to $1.1397 to touch its highest since April 30, while the greenback recovered as much as 0.3 per cent to 143.085 yen, after diving one per cent on Friday. On Wednesday, an earnings report from artificial intelligence bellwether Nvidia will be in the spotlight - the last of the "Magnificent Seven" group of growth stocks that had spearheaded a more than two-year US bull market. Analysts said the semiconductor giant's quarterly report could be the next catalyst for markets, given its forecasts are seen as an indication of demand for tech infrastructure. Nvidia's shares are down more than two per cent this year after investors took notice of cheaper Chinese AI models in the aftermath of DeepSeek's release, while CEO Jensen Huang has flagged that US export curbs will also hit sales. Reuters reported on Saturday that Nvidia will launch a new AI chipset for China at a significantly lower price, subject to US government approval. On the commodities front, crude prices traded higher, while gold eased marginally from a two-week high.
