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President Trump announced plans to double tariffs on steel and aluminum imports to 50%, effective June 4th, as part of his strategy to protect U.S. industries. Speaking at a U.S. Steel plant, he emphasized that the company would remain American-controlled despite a partnership with Japan's Nippon Steel, which is set to invest $2.2 billion in production and create 70,000 jobs. However, concerns from the United Steelworkers union about the implications of this partnership on national security and job security persist.
In April, Japan imported 27.10 million barrels of Saudi oil, accounting for 36.3% of its total crude imports of 74.77 million barrels. The Arab nations contributed significantly, with the UAE supplying 34 million barrels, while Japan's imports from Iran and Russia remain banned, leading to sourcing from the USA and other countries.
Saudi Aramco has issued a new prospectus for its sukuk program, indicating plans to enter the debt markets again after raising $5 billion from a bond sale. The company is responding to economic challenges and declining profits, with expectations of a significant dividend cut this year. Meanwhile, Japan's tourism sector faces a decline in domestic travel, attributed to a shrinking population and rising costs, despite a record influx of international visitors.
Japan's domestic travel has declined by 8.2% since 2019, with 540 million trips recorded in 2024. Factors include a shrinking population, rising costs due to increased inbound tourism, and a weakened yen, making travel less affordable for locals while businesses focus on foreign visitors.
Apple's iPhone 16 became the world's best-selling smartphone in Q1 2025, with the iPhone 15 also outperforming many new Android models. Strong sales were noted in Japan and the Middle East, while the iPhone 16e debuted at sixth place. Samsung's Galaxy S25 Ultra and budget models like the Galaxy A16 5G performed well, but local brands like Huawei gained ground in China.
Foxconn Technology Group anticipates significant revenue growth in its AI and electric vehicle (EV) sectors by 2028, driven by rising demand for AI applications and strategic partnerships, including one with Mitsubishi Motors. The company employs a modular manufacturing approach to reduce costs and development time, aiming for substantial market share in the EV industry. Despite geopolitical challenges, Foxconn's diversified operations and contract manufacturing model provide resilience, as evidenced by a 91% profit increase in Q1 2025, largely from its AI server business.
Companies globally have incurred over $34 billion in additional costs and lost sales due to tariffs from the Trump administration, with ongoing uncertainty likely to exacerbate the situation. Industries such as automotive and consumer goods are particularly affected, leading to lowered profit forecasts and operational challenges. The ripple effects of these tariffs are expected to impact consumer spending and inflation significantly.
Josh Shapiro, a potential presidential candidate, expressed cautious optimism about a deal involving Nippon Steel's investment in U.S. Steel, which aims to preserve American control and save jobs in Pennsylvania. President Trump is promoting the arrangement, emphasizing its importance for U.S. manufacturing and national security, while details remain unclear. Bipartisan support exists, but the United Steelworkers union questions the deal's effectiveness, highlighting concerns over Nippon's previous stance on ownership.
Foxconn is set to announce a partnership with a second Japanese automaker, following a recent agreement with Mitsubishi Motors to supply a new electric vehicle model. This move aligns with Foxconn's strategy to leverage its electronics manufacturing expertise in the growing EV market, aiming to embed its technology in 5% of global electric vehicles by 2025. The collaboration offers mutual benefits, enhancing manufacturing efficiency for Japanese automakers while providing Foxconn with automotive credibility and technical knowledge.
Northern Trust Corp increased its stake in Goodyear Tire & Rubber by 17% in Q4, now holding 3.94 million shares valued at $35.47 million. Charles Schwab Investment Management also raised its position by 1.7% in Q1, owning 3.80 million shares worth $35.12 million. Institutional investors control 84.19% of the stock, which has a current "Moderate Buy" rating among analysts, with a consensus target price of $14.00.
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