Latest news with #USSteel
Japan Times
10 minutes ago
- Business
- Japan Times
U.S. aluminum and steel prices surge as Trump doubles tariffs
Futures tracking aluminum and steel prices in the U.S. surged after President Donald Trump said he will double tariffs on the metals this week. Contracts linked to the prices that manufacturers pay to get aluminum delivered to the U.S. Midwest jumped 54% to the highest since 2013 on the Comex exchange in New York on Monday — offering an early glimpse of the much higher costs for American factories, with import levies set to rise to 50% from Wednesday. Aluminum used in everything from beer cans to engine blocks and window frames was priced at a premium of 58 cents a pound, or about $1,280 a ton, in the Midwest over benchmark London contracts. That suggests U.S. buyers could end up paying about 50% more than international competitors to get hold of the metal. Trump hopes the increased levies will protect margins for domestic mills and spur investment in new production capacity, and shares of U.S. steel and aluminum makers surged in after-hours trading after the announcement on Friday. But construction companies have warned that levies on steel and aluminum — which Trump had already raised from 10% to 25% — will increase the cost of critical building materials. Comex steel futures were up more than 8% before paring some of the gains on Monday — and while both contracts are relatively illiquid — the moves indicate that the commercial burden of the tariffs will weigh most heavily on the U.S. aluminum market. More than 80% of the aluminum used in the U.S. is supplied via imports, while less than 20% of the country's steel is sourced from overseas, according to Morgan Stanley. "We expect prices to rise — the U.S. does not have enough domestic capacity of either,' analysts at Citigroup said in an emailed note. For aluminum in particular, the tariffs have "mostly just functioned as a tax on consumers thus far.' Benchmark aluminum contracts on the London Metal Exchange traded 0.9% higher to settle at $2,466 a ton at 5:50 p.m. local time. Copper was up 1.2% in London and nearly 4% higher on Comex, as analysts said the heightened levies make it more likely that Trump will follow through with plans to place tariffs on the metal. "The market also appears to be pricing a higher likelihood of copper tariffs, with COMEX outperforming LME,' Morgan Stanley analysts led by Amy Gower said in an emailed note, noting that U.S. buyers have been front-loading imports ahead of potential tariffs. "For now, the COMEX premium is likely to continue pulling material to the U.S., drawing down ex-U.S. inventories and keeping ex-U.S. markets tight.'
New York Post
3 hours ago
- Business
- New York Post
Trump's art of the steel deal, Don's sensible national-park cuts and other commentary
From the right: Trump's Art of the Steel Deal 'Nippon Steel is buying US Steel for $15 billion and has agreed to let the American company remain American-operated' in a Trump-approved deal that 'addressed concerns about national security while securing economic gains for the nation,' cheers the Washington Examiner's editorial board. 'Local unions have overwhelmingly backed the deal,' which lets Nippon Steel become 'the world's second-largest steel producer, allowing it to compete with China's Baowu Steel Group, and gaining access to the American market, one of the world's largest.' Gov. Josh Shapiro (D-Pa.) called the bargain a ' 'BFD' that he supports enthusiastically.' Advertisement Wow: 'How often do the terms of a corporate merger unite Republicans, Democrats, and union leaders, while creating tens of thousands of jobs and reducing the market dominance of the nation's greatest geopolitical foe?' Libertarian: Don's Sensible National-Park Cuts 'Why should the National Park Service be funding so many sites,' including some that aren't national parks? 'And what would happen if some of those properties were transferred to state or tribal management?' asks Reason's Liz Wolfe. 'The Trump administration is asking those sensible questions, and is proposing to cut $1.2 billion from the agency's budget' by turning over some niche sites to local management. Advertisement 'It's always been unclear to me why we expect taxpayers across the country to pay for the upkeep and management of' sites 'they will never visit and have never heard of.' Some may end up closing without federal funding, 'but if there's no political will within the state to fund these sites, maybe that's a sign . . . that they shouldn't continue to be publicly operated.' Get opinions and commentary from our columnists Subscribe to our daily Post Opinion newsletter! Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters Labor beat: Cali's $30 Minimum-Wage Oops Los Angeles is 'on track' to miss out on hosting the 2028 Summer Olympics, thanks to 'a new $30 minimum wage for hotel and airport workers passed at the behest of the city's hospitality unions,' laments Michael Saltsman at The Wall Street Journal. Advertisement LA's Olympic bid promised 'enough hotel rooms for athletes, spectators and officials' at given rates, but eight hotels have now pulled out, 'citing the unworkable economics,' and a development that would create 395 rooms was canned. All of which means less tax revenue for Los Angeles. Meanwhile, California wants $40 billion from Uncle Sam to help LA recover from the wildfires. Congress should condition aid 'on a moratorium on any mandates, including the $30 minimum wage, that would put recovery and taxpayer dollars at risk.' From the left: Ignoring the Media's 'Original Sin' The Jake Tapper-Alex Thompson book 'Original Sin' details how President Biden's team 'concealed his cognitive and physical decline,' but 'shifts blame to Democrats, ignoring how the media aided the cover-up,' grumbles Nolan Higdon at The Hill. Advertisement 'Credibility in journalism — hard to earn, easy to lose — once demanded rigorous objectivity.' No doubt, the media's 'abandonment of objectivity accelerated with Donald Trump's rise.' Despite Tapper's own efforts to portray 'himself as deceived' and 'positioning his book as a reckoning,' it 'evades the real question: did this cover-up begin before the election?' 'The answer is yes — and Tapper was part of it.' The public won't buy journalists' supposed return to 'objectivity' because the media's lost credibility 'isn't easily reclaimed.' Conservative: RIP, Monetary Hero Stanley Fischer Commentary's Seth Mandel celebrates the 'great warrior of monetary policy,' Stanley Fischer, dead at 81, who 'saved Israel's economy twice.' First his advice helped end the Jewish State's mid-1980s inflationary spiral with a bipartisan plan that 'cut government, negotiated limits with the uber-powerful Histadrut labor union, and reined in Israel's money-printing habits.' And, as 'the governor of the Bank of Israel' when 'the global financial crisis hit,' he deftly manipulated the value of the shekel 'to stabilize investment' without putting 'stress on Israel's exports.' He was so impressive 'that several Arab states backed him in an unsuccessful bid to lead the IMF in 2011,' though 'he was an Israeli citizen and Israel's top financial figure at the time.' — Compiled by The Post Editorial Board
Fox News
8 hours ago
- General
- Fox News
Sens Fetterman and McCormick show Washington how to work together again
On June 2, Pennsylvania's Democratic Senator John Fetterman and his GOP counterpart Dave McCormick took part in a Fox News town hall event in a replica of the U.S. Senate chamber; you could tell it wasn't the real Senate because the conversation was shockingly respectful, substantive and promising. With a light touch, moderator Shannon Bream's questions raised an array of issues on which not only do Fetterman and McCormick more or less agree, but their shared positions are at the commonsense core of today's American voter. On the question of recent antisemitic attacks, including a Molotov cocktail attack on a Jewish group in Boulder on Sunday, both senators not only condemned such violence but acknowledged its roots in the dangerous anti-Israel rhetoric on college campuses. As Fetterman put it regarding these attacks, "You know, the kinds of, the rank antisemitism, it's out of control, and for me and as my friend just pointed out, this is just rampant across all the universities…" Both senators made plain their solid support for Israel, something Fetterman was not shy about pointing to as a cause of the recent attacks leveled against his competence. Both senators agreed on forcefully stopping Iran's nuclear program, securing the border and sanctioning Russia to firm up President Donald Trump's hand in negotiating against Russian President Vladimir Putin. They also both gave a thumbs up to the sale of US Steel, celebrated by Trump in the Keystone State last week. Long story short, there was a lot of agreement on display, and while it might not be as sexy as two combatants screaming at each other, it might still be what the American people actually want. McCormick made the very key point that "there is a lot of overlap" between the people who voted for him and Fetterman. Both men have strong ties to the steel industry, and both spoke about the need to lift up long-forgotten industrial towns. It is not an accident that Pennsylvania has been a swing state for as long as that term has existed, with two world-famous cities, major industry, major farming and everything in between. It is a cross-section of America. Centrisism comes naturally in the commonwealth. The two current senators harken back to Pennsylvania figures like Gov. Bob Casey Sr. one of the last loudly pro-life Democrats and Sen. Arlen Specter, who often tortured fellow Republicans before eventually leaving the party. For now, it has only been Fetterman angering members of his own party by aligning with some positions seen as pro-Trump, McCormick has not had occasion to disagree with Trump policies, but then again, it's not McCormick's party in the political wilderness. Fetterman has been a unique voice in the Democratic caucus urging calm, suggesting that freaking out like a teenage girl at a 1950s Elvis concert every time Trump opens his mouth isn't working. Meanwhile, Democrats have been trying to spread outrage around the media every time Trump opens his mouth about anything. Sadly, some of this leftist outrage has been directed at Fetterman himself in supposed bombshell reports from anonymous sources about his unfitness for office. On this, the less said, the better. Fetterman's appearance itself made it self-evident the claims are malicious smears that should never be spoken of again. It may be lonely in the center left for Fetterman right now, but I suspect it won't be for long. Recent polling puts the favorability of the Democratic Party at a record-low 19%. If it gets much lower, we will have to add an asterisk and "if necessary," to references to the 2028 primary. The far-left approach, with its oligarchy tours on private jets and old 60s folk songs sung by folks in their 70s, and the constant cursing, none of it is working, it's all making things worse for the Democrats. Progressives understand this. That is why they blame sexism for former Vice President Kamala Harris' defeat last year, instead of her horrible candidacy and their failed policies, it is exactly why they are terrified not of Trump, but of more moderate Democrats who could kick them out of power in the party. For the progressives, continuing the lie that men can become women is more important than winning elections; continuing the lie that Israel is committing genocide is more important than winning elections. On issues such as these, the far left will never compromise, because to compromise is already to lose. Both parties saw a potential future in the town hall on Monday, two Pennsylvania politicians who both listen to and understand the concerns of working Americans trying to give their kids a better life, and in this political environment, that goes a long, long way.
New York Post
9 hours ago
- Business
- New York Post
Steel stocks leap after Trump vows to double tariffs to 50%, make Pittsburgh ‘the Steel City again'
Steel stocks jumped Monday after President Trump vowed to double tariffs on the metal to 50% — and vowed to revive the American steel industry. Shares in mining company Cleveland-Cliffs soared 21.4% by approximately 1:00 p.m. ET, while Steel Dynamics and Nucor Corp rose 9.7% and 8.7%, respectively. During a Pennsylvania rally on Friday, Trump told steelworkers he would hike the tax on steel imports so Pittsburgh would be 'respected around the world as the Steel City again.' Advertisement President Trump speaks to US Steel workers during a Pennsylvania rally on Friday. Getty Images 'At 25%, they can sort of get over that fence. At 50%, they can no longer get over the fence,' Trump said. 'We don't want America's future to be built with shoddy steel from Shanghai, we want it built with the strength and the pride of Pittsburgh.' Advertisement The move once again inflamed global trade tensions, with the European Union arguing that Trump's plan 'undermines ongoing efforts to reach a negotiated solution.' The 27-nation trade bloc said it 'is prepared to impose countermeasures.' Trump made the visit to Pennsylvania to tout a $14 billion deal investment from Japan's Nippon Steel toward US Steel. The Japanese firm's proposed acquisition of US Steel has been controversial and delayed by lawmakers across the political spectrum for years. The terms of the new deal – which Trump has called a 'partnership,' not a merger – are still somewhat murky, though US Steel will remain an American-majority board and a US government veto over decisions. Advertisement 'This is an incredible deal for American steel workers, and it includes vital protections to ensure that all steel workers will keep their jobs and all facilities in the United States will remain open and thriving,' Trump said. President Trump has called Nippon Steel's $14 billion investment in US Steel a 'partnership,' not a merger. REUTERS 'For decades, you watched as one globalist politician after the next sold you out and sent your dreams to China and to many other foreign countries. But now you finally have a president who's working for you and fighting for you.' Trump announced the higher steel tariff just days after a federal court blocked the majority of his tariffs – excluding the taxes on steel, aluminum and auto parts and cars. Advertisement His administration quickly filed an appeal and requested a stay on the order in the meantime, which an appeals court granted. Trump blasted the court's ruling as an imposition on his executive power and demanded the Supreme Court quickly take up the issue.
Bloomberg
13 hours ago
- Business
- Bloomberg
Stock Movers: US Steel, BYD, Bristol Myers
On this episode of Stock Movers: - US Steel (X) shares are weaker this morning on news that President Trump is threatening to raise steel and aluminum tariffs. President Trump announced that he would increase tariffs on steel and aluminum to 50% from 25%, saying the move would help protect American workers. The deal would ensure the iconic American firm remains US-owned and operated, with Trump promising that US Steel workers would receive a $5,000 bonus and that $2.2 billion of the proposed investment would be earmarked to increase steel production. - Cleveland Cliffs (CLF) is moving in the opposite direction of its competitor this morning as its rising on the tariff news. The president made the announcement during a visit to a United States Steel Corp. plant near Pittsburgh, where he championed an expected deal between US Steel and Japan's Nippon Steel Corp. - BYD (BYDDY) shares fell due to concerns that its price cuts are drawing government scrutiny and becoming unsustainable for the Chinese EV industry. The Chinese government and industry associations have expressed concerns about the "rat-race competition" and "vicious competition" in the auto sector, warning that it could hurt profit margins and product quality. - Bristol Myers (BMY) is higher this morning along with the broader pharma sector as it agrees to pay BioNTech SE up to $11.1 billion to license a next-generation cancer drug, with $1.5 billion upfront and $2 billion in installments through 2028. The deal marks a major payoff for BioNTech, which initially licensed the compound from Chinese biotech Biotheus in 2023 and later bought the company outright for up to $950 million.
