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Business Times
16 hours ago
- Business
- Business Times
US aluminium and steel prices surge as Trump doubles tariffs
[LONDON] Futures tracking aluminium and steel prices in the US 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 aluminium delivered to the US Midwest jumped 54 per cent to the highest since 2013 on the Comex exchange in New York on Monday (Jun 2) – offering an early glimpse of the much higher costs for American factories, with import levies set to rise to 50 per cent from Wednesday. Aluminium used in everything from beer cans to engine blocks and window frames was priced at a premium of 58 US cents a pound, or about US$1,280 a tonne, in the Midwest over benchmark London contracts. That suggests US buyers could end up paying about 50 per cent 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 US steel and aluminium makers surged in after-hours trading after the announcement on Friday. But construction companies have warned that levies on steel and aluminium – which Trump had already raised from 10 to 25 per cent – will increase the cost of critical building materials. Comex steel futures were up more than 8 per cent 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 US aluminium market. More than 80 per cent of the aluminium used in the US is supplied via imports, while less than 20 per cent of the country's steel is sourced from overseas, according to Morgan Stanley. 'We expect prices to rise – the US does not have enough domestic capacity of either,' analysts at Citigroup said. For aluminium in particular, the tariffs have 'mostly just functioned as a tax on consumers thus far'. Benchmark aluminium contracts on the London Metal Exchange (LME) traded 0.9 per cent higher to settle at US$2,466 a tonne at 5.50 pm local time. Copper was up 1.2 per cent in London and nearly 4 per cent 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, noting that US buyers have been front-loading imports ahead of potential tariffs. 'For now, the Comex premium is likely to continue pulling material to the US, drawing down ex-US inventories and keeping ex-US markets tight.' BLOOMBERG
Yahoo
3 days ago
- Business
- Yahoo
'Too risky at the moment': A Springsteen covers band has been advised not to play in his hometown
When you buy through links on our articles, Future and its syndication partners may earn a commission. It's a well known fact that Bruce Springsteen is a Democrat. Most specifically he's a close personal friend of ex-US Democratic president Barack Obama. And while many stars – particularly in the US – believe that music and politics shouldn't mix, Springsteen has never been shy about speaking his mind. Now, those opinions have had an unlikely consequence. Appearing in Manchester on 14 May, kicking off his E-Street band's European tour, rock's most famous working class hero told the audience: 'In my home, the America I love – the America I've written about, that has been a beacon of hope and liberty for 250 years – is currently in the hands of a corrupt, incompetent, and treasonous administration. "Tonight, we ask all who believe in democracy and the best of our American experiment to rise with us, raise your voices against authoritarianism and let freedom ring! 'The richest men are taking satisfaction in abandoning the world's poorest children to sickness and death. They're taking sadistic pleasure in the pain they inflict on loyal American workers. They are abandoning our great allies and siding with dictators against those struggling for their freedom,' Springsteen implored. And it didn't take long for his words to resonate with the Republican President back home: 'I see that Highly Overrated Bruce Springsteen goes to a Foreign Country to speak badly about the President of the United States," Trump said on social media. "Never liked him, never liked his music, or his Radical Left Politics and, importantly, he's not a talented guy — Just a pushy, obnoxious JERK. 'This dried out 'prune' of a rocker (his skin is all atrophied!) ought to KEEP HIS MOUTH SHUT until he gets back into the Country, that's just 'standard fare.' Then we'll all see how it goes for him!' With Springsteen currently on tour in Europe – a continent that has recently been rocked by Trump's turnarounds on NATO and random tariff wrath – it's likely he was on safe ground. However, back in the US, The Boss's rabble-rousing soon found a target closer to home. No Surrender, a Springsteen covers band currently on the road in the US to celebrate the 50th anniversary of The Boss's Born To Run, had been booked to play at Riv's Toms River Hub, in Toms River, New Jersey, on 30 May. New Jersey, of course, famously being Springsteen's hometown. However, on Sunday, the band received correspondence from the venue's owner that an appearance by the band was now 'too risky at the moment'. 'This is not political for us at all,' Springsten sound-alike Brad Hobicorn told 'We're just a cover band that's trying to make some money and people rely on it financially. We're the ones really getting hurt.' Hobicorn even offered to have his band play a non-Springsteen, classic-rock cover set instead but owner Tony Rivoli refused to pay the agreed $2,500 for a more generic covers band. 'Unfortunately it's just too much money,' he wrote in text messages obtained by the outlet. 'I wanted to do the Springsteen tribute for that money… We would have done well but now because Bruce can't keep his mouth shut we're screwed. 'Whenever the national anthem plays, my bar stands and is in total silence, that's our clientele. Toms River is red and won't stand for his bulls__t.' Rivoli later insisted that it was the band themselves that had chosen not to play in Toms River, and they told that ultimately they did not want to perform there due to 'negative vibes' and 'a safety concern.' The band have now been given an alternative venue to play and are currently scheduled to be appearing at New Jersey's Headliner Oasis in Neptune Township instead. Springsteen met Obama in 2008 when he was on the campaign trail prior to his first run as president. The two shared similar, working class upbringings, dreams, aspirations and opinions as to what should be done and soon Springsteen was a regular at high profile fund-raisers and, in 2020, the pair even produced a podcast together. Renegades: Born in the USA, a series of conversations between Barack Obama and Bruce Springsteen saw the two talk about 'their lives, music, and enduring love of America – despite all its challenges'. 'We are both creatures stamped Born in the USA. Guided by our families, our deep friendships and the moral compass inherent in our nation's history, we press forward, guarding the best of us while retaining a compassionate eye for the struggles of our still young nation,' Springteen told The Guardian in 2021.
Time of India
4 days ago
- Politics
- Time of India
Bernard Kerik, NYPD Commissioner during 9/11, dies at 69; all about him
Kerik led NYPD during 9/11 terror attacks Bernard B. Kerik, former New York City Police Commissioner, died Thursday, May 29, at the age of 69 following an undisclosed illness. Kerik served as commissioner during the September 11, 2001, terrorist attacks and was widely recognized for his leadership during the crisis. He and then-Mayor Rudolph W. Giuliani were among the first officials on the scene, working to coordinate evacuation efforts amid falling debris and collapsing towers. Appointed commissioner in August 2000 by Giuliani, Kerik served for 16 months during the final phase of Giuliani's administration. Under his leadership, crime rates continued their decline, morale among officers improved, and relationships with minority communities reportedly saw progress. His appointment followed a rapid rise through the ranks, including roles as a correction commissioner and narcotics investigator. Also read: Vladimir Putin could end up dead like Hitler, and his days are numbered, says ex-US intelligence officer Political ties and post-9/11 appointments Following his NYPD tenure, Kerik joined Giuliani Partners as a security consultant, advising corporate and foreign government clients. He later founded his own firm and worked with international figures such as King Abdullah II of Jordan and the royal family of the United Arab Emirates. After the US invasion of Iraq, former President George W. Bush appointed Kerik as interim interior minister for Iraq's provisional government, where he helped build the country's new police force. Live Events In 2004, Bush nominated him to lead the Department of Homeland Security. Kerik, however, withdrew his nomination one week later, citing his employment of an undocumented nanny. The disclosure led to investigations that uncovered further legal violations. Federal convictions and Presidential pardon Kerik's career unraveled following revelations of ethical misconduct and legal violations. In 2006, he pleaded guilty to misdemeanors involving unreported renovations provided by a firm suspected of mob ties. In 2009, he pleaded guilty to multiple felony counts, including tax fraud, false loan application statements, and lying to federal officials. He was sentenced to four years in prison and served three. Also read: Gerry Connolly, a fiery Democrat and fixture of Virginia politics, dies after battling cancer: Key points Kerik was stripped of his name from the Manhattan Detention Complex and later received a full presidential pardon from President Donald Trump in 2020. Following the pardon, he joined efforts with Giuliani to dispute the 2020 presidential election results and provided materials to the House Select Committee investigating the January 6 Capitol attack. Early life, military service, and later years Born on September 4, 1955, in Newark, New Jersey, Bernard Bailey Kerik was the son of a Ford machinist and an Irish American mother. His maternal background included a troubled history, which he later detailed in his memoir. A high school dropout, he earned his GED while serving in the US Army's military police and later completed a bachelor's degree in social theory. Kerik joined the New York Police Department in 1986, eventually receiving commendations and promotions. He also held investigative roles in Saudi Arabia and worked for the Passaic County Sheriff in New Jersey. Also read: Ex-FBI Director James Comey under probe following "8647" post; Trump officials call it death threat His personal life included three marriages and four children. In addition to a memoir, he authored books on criminal justice and a crime novel. In later years, he hosted a radio show and remained a vocal supporter of the Trump administration.
Time of India
5 days ago
- Business
- Time of India
Is Trump's trade policy in turmoil? What happens to his tariffs now that the court has struck them down?
The US Court of International Trade 's decision to block the tariffs that US president Donald Trump imposed under the International Emergency Economic Powers Act (IEEPA) on imports from almost every country in the world 'throws the president's trade policy into turmoil,' according to a former US trade official, as per a report. Uncertainty for Trade and Supply Chains An ex-US trade official who is now vice president at the Asia Society, Wendy Cutler said, 'Partners negotiating hard during the 90-day tariff pause period may be tempted to hold off making further concessions to the U.S. until there is more legal clarity,' quoted AP. ALSO READ: What is TACO Trade? The term that angers Donald Trump every time it's mentioned According to the report, even companies would have to reassess the way they operate their supply chains, perhaps "speeding up shipments to the United States to offset the risk that the tariffs will be reinstated on appeal," wrote AP. Court Rules Against Donald Trump's Emergency Tariffs A federal court with a three-judge panel gave the verdict that the US president overstepped his authority as he invoked the 1977 International Emergency Economic Powers Act to declare a national emergency and justify his high tariffs, reported AP. Live Events ALSO READ: As U.S. court blocks tariffs, here are ways Donald Trump could find a workaround after suffering a major blow Trump's tariffs have been challenged in at least seven lawsuits, and in the recent ruling, the trade court combined two of the cases, one brought by five small businesses and another by 12 US states, as reported by AP. A professor of trade policy at Cornell University, Eswar Prasad, highlighted that "For now, the trade court's ruling destroys the Trump administration's rationale for using federal emergency powers to impose tariffs, which oversteps congressional authority and contravenes any notion of due process,' quoted AP. Prasad also mentioned, 'The ruling makes it clear that the broad tariffs imposed unilaterally by Trump represent an overreach of executive power," as quoted in the report. FAQs What does this mean for presidential powers? The ruling limits how far a president can go in using emergency powers to reshape trade policy without Congress. Are all of Trump's tariffs now blocked? No. The ruling affects broad-based tariffs imposed under IEEPA, but steel, aluminum, and auto tariffs based on national security reviews remain intact.
Mint
6 days ago
- Politics
- Mint
Rapper NBA YoungBoy, Ex-Chicago Gang Leader Win Trump Clemency
President Donald Trump is offering clemency to the co-founder of a notorious Chicago gang, a rap artist and a music executive in the latest use of his pardon and commutation powers, according to a White House official. The reprieves, detailed by an official on condition of anonymity to discuss plans not yet public, highlight the unusual mix of individuals who have been recipients of presidential clemency in Trump's second term. The president has come to the aid of political supporters and donors, prominent business leaders convicted of white collar crimes and even reality television stars. Kentrell Gaulden, better known as the musical artist NBA YoungBoy, will receive a pardon, the official said. Gaulden was sentenced to 23 months in federal prison on gun-related charges. Trump also plans to commute the sentences of Larry Hoover, who founded the Gangster Disciples street gang on Chicago's South Side, and Michael 'Harry O' Harris, the music executive who helped found Death Row Records, according to the official. Harris was sentenced to life on drug charges before receiving a commutation from Trump in 2021. Hoover has been serving multiple life sentences for running a criminal enterprise. Trump is also offering pardons to two former Republican political figures: John G. Rowland, a onetime Connecticut governor convicted of corruption-related charges, and ex-US Representative Michael Grimm of New York, who was sentenced to eight months in prison over felony tax evasion charges, the official said. Since retaking office in January, Trump has granted pardons or commutations to about 1,600 people, more than six times the total for his entire first term. The majority of the president's grants of clemency have been for people charged in connection with the Jan. 6, 2021, riot at the Capitol, as well as white-collar criminals, anti-abortion activists and cryptocurrency entrepreneurs. The president, who faced his own criminal cases after his first term, has often expressed sympathy for others caught in the judicial system — particularly political allies and those supportive of the administration's priorities. Trump is also offering pardons to Tanner Mansell and John Moore, two Florida men convicted of stealing fish in federal waters after they freed sharks caught on what they said they believed was an illegal fishing line. Another pardon recipient is Mark Bashaw, a former US Army officer who was discharged for not following Covid-19 mandates. The Pentagon under Trump has offered an apology, back pay and an invitation back to military personnel who were forced out of the armed services over their refusal to take Covid vaccines. On Tuesday, the White House announced that Trump was pardoning reality television stars Todd and Julie Chrisley, who were convicted of fraud and tax evasion. Their daughter spoke at last year's Republican National Convention and in February visited the White House in a bid to secure a pardon for her parents. A pardon warrant for James Callahan, a labor union leader who pleaded guilty to failing to report gifts, was also posted on the Justice Department's website this week. NBA YoungBoy and Harris follow other prominent artists who have won clemency from Trump, including during his first term, rap stars Lil Wayne and Kodak Black. This article was generated from an automated news agency feed without modifications to text.
