TLDR

MARKET RECAP → The S&P 500  (VOO) rose slightly on Monday, kicking off June in positive territory as markets continue to digest global trade uncertainty.

GENEVA TRADE TRUCE FRAYS → 📉 The fragile U.S.-China trade truce unravels as mutual accusations of violations emerge, with both nations implementing retaliatory measures and expressing skepticism about future negotiations.

TRUMP’S STEEL TARIFF SPARKS GLOBAL TRADE TENSIONS → 📈 President Trump's decision to double steel and aluminum tariffs to 50% has triggered international backlash and market volatility, raising concerns over escalating trade wars. U.S. steel and aluminum stocks surged, with companies like Nucor (NUE), Cleveland-Cliffs (CLF), and Steel Dynamics (STLD) seeing significant gains.

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TODAY’S TOP NEWS

Geneva Trade Truce Frays

📉 U.S.-China Trade Tensions Resurface: Less than a month after a 90-day trade truce was established in Geneva, tensions between the U.S. and China have escalated. President Trump accused China of violating the agreement by restricting exports of rare earth minerals, essential for various industries. In response, China criticized the U.S. for imposing new export controls on AI chips, halting sales of chip design software, and revoking Chinese student visas, actions Beijing claims breach the Geneva accord.

🛑 China's Firm Rebuttal: China's Ministry of Commerce firmly rejected the U.S. accusations, labeling them as "groundless" and asserting that the U.S. has "seriously undermined" the trade agreement. Beijing emphasized its commitment to safeguarding its rights and interests and warned of "resolute and forceful measures" if the U.S. continues actions detrimental to China's interests.

📞 Potential High-Level Talks: Amidst the escalating rhetoric, U.S. officials, including Treasury Secretary Scott Bessent and National Economic Council Director Kevin Hassett, expressed optimism about a potential conversation between President Trump and Chinese President Xi Jinping to address the disputes. However, Chinese experts suggest that Beijing prefers resolving issues at working levels before involving top leaders, indicating a cautious approach to high-level engagements.

TODAY’S TOP NEWS

Trump’s Steel Tariff Sparks Global Trade Tensions

📈 U.S. Steel Tariffs Double: President Donald Trump announced a 50% tariff on imported steel and aluminum, effective June 4, 2025, doubling the previous rate. This move aims to bolster domestic metal production and protect U.S. manufacturers from foreign competition.

🌍 International Backlash: The European Union and other trade partners criticized the tariff hike, warning of retaliatory measures. The EU is finalizing an expanded list of countermeasures that could take effect as early as July 14, 2025.

💼 Market Reactions: U.S. steel and aluminum stocks surged following the announcement, with companies like Nucor (NUE), Cleveland-Cliffs (CLF), and Steel Dynamics (STLD) seeing significant gains. However, analysts express concerns about potential negative impacts on steel-consuming industries and overall economic growth.

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