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UK trade minister Jonathan Reynolds will meet US trade representative Jamieson Greer in Paris on June 3, 2025, to discuss the impact of rising US steel tariffs, which are set to increase from 25% to 50%. This change poses significant challenges for British steel producers, who export around £700 million worth of steel and aluminum to the US annually. The meeting will also address trade arrangements with the EU, highlighting the vulnerabilities created by delays in implementing political agreements.
The European Commission is advocating for reduced US tariffs as trade discussions commence, following President Trump's proposal to double import duties on steel and aluminum to 50%. European Trade Commissioner Maros Sefcovic will meet US Trade Representative Jamieson Greer in Paris, while technical teams will engage in talks in Washington.The proposed tariff increase has already led to a surge in US steel manufacturer stocks, but has negatively impacted automakers and construction companies due to rising input costs. Historical patterns indicate that such tariffs often benefit specific producers while imposing broader economic costs, potentially leading to retaliatory measures from the EU affecting up to €95 billion of US imports.
Nvidia CEO Jensen Huang criticized US export controls on technology to China, claiming they hinder American competitiveness and bolster Chinese AI development. Despite a recent trade truce, tensions remain high, particularly over Huawei's advanced chips, as China accuses the US of unilateral bullying. Huang emphasized the potential $50 billion market in China, lamenting the financial losses from export restrictions.
China has condemned a new U.S. rule banning the use of Huawei's Ascend chips globally, highlighting ongoing tensions despite a temporary truce in the trade war. The U.S. claims these chips violate export controls, while China urges the U.S. to lift tariffs that hinder cooperation. Beijing has begun to ease its own retaliatory measures, including lifting a ban on rare earth exports to the U.S.
The EUR/USD currency pair remains stable above the 1.12 range as investors react to a recent trade agreement between the US and China, which temporarily reduces tariffs. Additionally, weaker-than-expected US inflation data raises speculation about potential interest rate cuts by the Federal Reserve. Key economic indicators, including EU GDP and US retail sales, are set to be released, which may further influence market sentiment.
Senate Democrats are calling for an investigation into whether the Trump administration is facilitating foreign deals for Starlink, led by Elon Musk, amid concerns of potential ethics violations. They allege that Musk may be leveraging his government role for personal financial gain, particularly following recent approvals for Starlink in countries like Saudi Arabia and Bangladesh. The lawmakers are urging the Department of Justice and White House ethics officials to examine possible conflicts of interest and corruption related to tariff negotiations.
The United States and China have agreed to reduce tariffs on each other's goods from 125% to 10% for 90 days, following negotiations in Geneva. This move aims to ease tensions and stabilize financial markets while further discussions are set to take place, led by key trade representatives from both nations. The reduction signals a potential shift away from escalating trade conflicts, although the trade war is not yet over.
Gold prices are under pressure ahead of the Federal Reserve's interest rate decision and Jerome Powell's remarks, with a current price around $3,385, reflecting a 1.35% drop. Easing trade tensions between the US and China may influence market sentiment, as negotiations are set for this weekend in Switzerland. Investors are keenly awaiting Powell's rhetoric for clues on future monetary policy, with the potential for gold to approach the $3,500 mark if the Fed's meeting yields positive outcomes.
Bitcoin's price has rebounded to $97,000 as trade tensions between the US and China ease, with investors optimistic about upcoming negotiations in Switzerland. The Federal Reserve's key interest rate decision is anticipated at 20:00, with a 99% chance of a pause, potentially influencing Bitcoin's trajectory towards the $100,000 mark. However, a disappointing outcome could lead to profit-taking, with the $95,000 level in focus as a downside risk.
The US and China are set to hold their first formal economic talks since the trade war escalated, with discussions focusing on trade matters in Geneva. This engagement follows a long history of complex trade relations marked by cooperation and conflict, with current tariffs projected to significantly impact global GDP and supply chains. Businesses are already restructuring to adapt to the tariff landscape, indicating lasting changes in trade patterns regardless of the talks' outcomes.
Jamieson Greer
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