{"id":839032,"date":"2025-04-04T16:13:31","date_gmt":"2025-04-04T21:13:31","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/04\/gold-hits-record-high-as-trump-threatens-new-steel-and-aluminium-tariffs-bp-shares-jump-after-activist-elliott-takes-stake-business-live\/"},"modified":"2025-04-04T16:13:31","modified_gmt":"2025-04-04T21:13:31","slug":"gold-hits-record-high-as-trump-threatens-new-steel-and-aluminium-tariffs-bp-shares-jump-after-activist-elliott-takes-stake-business-live","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/04\/gold-hits-record-high-as-trump-threatens-new-steel-and-aluminium-tariffs-bp-shares-jump-after-activist-elliott-takes-stake-business-live\/","title":{"rendered":"Gold hits record high as Trump threatens new steel and aluminium tariffs; BP shares jump after activist Elliott takes stake \u2013 business live"},"content":{"rendered":"
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UK Steel fears “devastating blow” from Trump tariffs<\/h2>\n<\/header>\n

Trade body UK<\/strong> Steel<\/strong> has warned that the imposition of US tariffs on UK steel would be \u201ca devastating blow\u201d to the industry.<\/p>\n

UK Steel <\/strong>director general, Gareth Stace, <\/strong>says:<\/p>\n

\n

<\/svg>The US is our second largest export market after the EU. At a time of shrinking demand and high costs, rising protectionism globally, particularly in the US, will stifle our exports and damage over \u00a3400 million worth of the steel sector\u2019s contribution to the UK\u2019s balance of trade.<\/p>\n<\/blockquote>\n

Stace<\/strong> says it would be \u201cdeeply disappointing\u201d Trump decides to target UK steel, given its \u201crelatively small production volumes compared to major steel nations\u201d.<\/p>\n

H explains:<\/p>\n

\n

<\/svg>The UK produces world-leading steel, supplying the US with high-quality products for defence, aerospace, stainless, and other critical sectors, materials that simply cannot be replicated elsewhere.<\/p>\n<\/blockquote>\n

The danger, Stace<\/strong> adds, is that other nations decide to dump steel on the UK market to avoid US tariffs:<\/p>\n

\n

<\/svg>\u201cAt the same time, the introduction of further US tariffs will inevitably divert global trade flows, with excess steel potentially redirected to the UK market. This reinforces the urgent need for watertight UK trade measures in 2026 to prevent surges in imports following the UK\u2019s steel safeguards expiry.<\/p>\n

Accelerating the UK\u2019s CBAM [Carbon Border Adjustment Mechanism] to 2026 would provide an additional layer of protection against unfairly priced steel. The UK Government must act decisively to shield our domestic industry from the fallout of rising global protectionism.\u201d<\/p>\n<\/blockquote>\n

Reminder: We don\u2019t yet know if the UK will be subject to the 25% tariff on steel which Trump announced last night, or if exemptions will be available; British ministers said today they must \u2018wait and see\u2019 what the US does\u2026<\/a><\/p>\n<\/div>\n

Time to wrap up here\u2026 our US politics Live blog will be tracking the action on that side of the Atlantic.<\/strong><\/p>\n

“,”elementId”:”b4189f05-3898-4ab0-8e9c-b372e6844e06″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Trump to announce 25% aluminium and steel tariffs as China\u2019s levies against US come into effect \u2013 US politics live”,”elementId”:”f88864ec-30a1-4141-b81f-b86a72ea3142″,”role”:”thumbnail”,”url”:”https:\/\/www.theguardian.com\/us-news\/live\/2025\/feb\/10\/trump-aluminium-aluminum-steel-tariffs-china-us-politics-live”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

To recap\u2026.<\/p>\n

“,”elementId”:”924aa4f1-1e0c-4ced-bf86-5691f5868c30″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Financial markets are shrugging off trade war fears, after Donald Trump<\/a> declared the US will impose 25% tariffs on steel and aluminium imports.<\/p>\n

“,”elementId”:”4929f2fb-0e53-4fed-917a-07f6ada00bbc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

In London, the <\/a>FTSE<\/a><\/strong> <\/a>100<\/a><\/strong> has hit a new all-time high<\/a>, touching 8,779 points for the first time ever, with housebuilders and mining stocks among the risers.<\/p>\n

“,”elementId”:”f5700ea5-ff99-47a2-9e2a-4061efafdd5a”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

BP<\/strong> was the top gainer on the Footsie, after activist investor Elliott Investment Management took a stake.<\/p>\n

“,”elementId”:”5dfb20f4-dd68-4d75-8f11-f539bc005109″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”BP shares jump after feared US hedge fund Elliott takes stake”,”elementId”:”955c2d93-687d-4e10-b36b-338cb8233426″,”role”:”thumbnail”,”url”:”https:\/\/www.theguardian.com\/business\/2025\/feb\/10\/bp-shares-jump-after-feared-us-hedge-fund-elliott-takes-stake”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Wall<\/strong> Street<\/strong> has opened higher, where shares in US steel makers rallied at the open<\/a> \u2013 amid chat that tariffs will give them a competitive advantage to grow market share and lift their own prices.<\/p>\n

“,”elementId”:”111bb4f5-ca37-45fb-9135-eccbcaa953ce”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Gold<\/strong> hit a new alltime high this morning to, rising above $2,900 per ounce.<\/p>\n

“,”elementId”:”86534bc6-da1e-4c4f-9cff-3b81491affd1″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Europe has vowed to respond to Trump\u2019s threat<\/a>, with German chancellor Olaf Scholz warning that \u201canyone who imposes tariffs must expect counter-tariffs.\u201d<\/p>\n

“,”elementId”:”0e87c205-dfb7-48af-a30e-2a333df3148f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The UK government declined to comment, with Downing Street saying it has not seen details of Trump\u2019s proposed steel and aluminium tariffs.<\/p>\n

“,”elementId”:”e63ff2b4-9c99-4dd7-92d6-6d08566ab85f”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”No 10 won\u2019t commit to retaliatory action if US imposes tariffs on metal imports \u2013 UK politics live”,”elementId”:”5a93fb4c-9b27-4f0e-8f00-de95b3ddce37″,”role”:”thumbnail”,”url”:”https:\/\/www.theguardian.com\/politics\/live\/2025\/feb\/10\/immigration-home-office-footage-deportation-yvette-cooper-labour-politics-live”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The UK steel industry is certainly worried, though.<\/p>\n

“,”elementId”:”4c3074d0-0695-4533-981c-3c09e52154b0″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Gareth Stace, <\/strong>director general of UK Steel, <\/strong>says:<\/p>\n

“,”elementId”:”6a1787b4-72a8-4dfa-90eb-15ae455876d4″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

The UK produces world-leading steel, supplying the US with high-quality products for defence, aerospace, stainless, and other critical sectors, materials that simply cannot be replicated elsewhere.<\/p>\n

n <\/p>\n

\u201cAt the same time, the introduction of further US tariffs will inevitably divert global trade flows, with excess steel potentially redirected to the UK market. This reinforces the urgent need for watertight UK trade measures in 2026 to prevent surges in imports following the UK\u2019s steel safeguards expiry.<\/p>\n

n <\/p>\n

Accelerating the UK\u2019s CBAM [Carbon Border Adjustment Mechanism] to 2026 would provide an additional layer of protection against unfairly priced steel. The UK Government must act decisively to shield our domestic industry from the fallout of rising global protectionism.\u201d<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”4d1b2301-22d8-4812-abd7-3e4a1be2fffc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Five former US Treasury secretaries have attacked the actions of Elon Musk\u2019s new Department of Government Efficiency (DOGE)<\/a>, warning that America\u2019s financial credibility is at risk.<\/p>\n

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New York Stock Exchange in the Financial District in Manhattan, New York City.”,”caption”:”The New York Stock Exchange in the Financial District in Manhattan, New York City. “,”credit”:”Photograph: Jimin Kim\/SOPA Images\/REX\/Shutterstock”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Wall Street has opened higher at the start of trading in New York, as shares in steel makers rally.<\/strong><\/p>\n

“,”elementId”:”f6f24185-975a-4e3f-bf36-1490fc50af3b”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The Dow Jones industrial average<\/strong> and the broader S&P 500<\/strong> have both jumped over 0.5% at the open, with the Dow up 246 points at 44,550 points.<\/p>\n

“,”elementId”:”b6258e54-c009-4de3-b26c-d798e4c82765″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Cleveland-Cliffs<\/strong>, North America\u2019s largest flat-rolled steel producer, have surged by 16% at the open.<\/p>\n

“,”elementId”:”026d7927-2ad7-491c-8133-705efe41bcb8″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Nucor Corporation<\/strong>, the Charlotte, North Carolina-based steelmaker, is up 6%.<\/p>\n

“,”elementId”:”95fcd6af-e2f3-44b2-911b-9265c40055f8″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

New tariffs can help the US steel industry in two ways \u2013 either by driving away steel made overseas, or by allowing the American industry to raise its prices (because foreign-made steel will be more expensive).<\/p>\n

“,”elementId”:”b74d194d-e4bc-4677-adf3-767b7a06550d”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739197900000,”blockCreatedOnDisplay”:”09.31\u00a0EST”,”blockLastUpdated”:1739198316000,”blockLastUpdatedDisplay”:”09.38\u00a0EST”,”blockFirstPublished”:1739198316000,”blockFirstPublishedDisplay”:”09.38\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”09.38″,”title”:”Wall Street opens higher as US steelmakers rally”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67aa03f78f08e546ca1026c0″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Five former US Treasury secretaries have attacked the actions of Elon Musk\u2019s new Department of Government Efficiency (DOGE), warning that America\u2019s financial ccredibility is at risk.<\/strong><\/p>\n

“,”elementId”:”523d8bb5-6184-44fa-a738-e06fcbb52972″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Robert Rubin<\/strong>, Lawrence<\/strong> Summers<\/strong>, Timothy<\/strong> Geithner<\/strong>, Jacob<\/strong> Lew<\/strong> and Janet<\/strong> Yellen<\/strong> \u2013 collectively the 70th, 71st, 75th, 76th and 78th secretaries of the Treasury \u2013 have warned that the tradition that America\u2019s payment system has historically been operated by a very small group of nonpartisan career civil servants has been upended, after Musk\u2019s Doge team was granted \u2018full access\u2019 to the federal payment system.<\/p>\n

“,”elementId”:”28731f56-97ad-4984-a890-ebafa1ff5608″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Writing in the New York Times today, the distinguished quintet warn that the political actors at DOGE have not been subject to the same rigorous ethics rules as civil servants, and lack the training and experience to handle private, personal data.<\/p>\n

“,”elementId”:”62dcbce4-5c60-485c-b651-ad1572a414b2″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

They say:<\/p>\n

“,”elementId”:”0bb26a2f-e00d-467f-8eaf-bb83276556ee”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

While significant data privacy, cybersecurity and national security threats are gravely concerning, the constitutional issues are perhaps even more alarming.<\/p>\n

n <\/p>\n

We take the extraordinary step of writing this piece because we are alarmed about the risks of arbitrary and capricious political control of federal payments, which would be unlawful and corrosive to our democracy.<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”c5d95125-41b3-48aa-a988-fc22c7e2f379″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

They point out that it is up to Congress to decide how US. federal dollars are spent, saying:<\/p>\n

“,”elementId”:”087b284e-206b-4448-a907-54b2a7c08f85″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

During our collective 18 years at the helm of the Treasury, we never were asked to stop congressionally appropriated funds from being paid out in full. Not since the Nixon administration has this type of executive action been contemplated. At that time, the Supreme Court ruled unanimously that the president did not have the power to withhold federal funds that Congress had authorized.<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”d93ec54b-ba00-4f73-95d2-ff696ff8464e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The federal payments system controls more than $6tn of federal cashflow each year, with millions of Americans depending on it for social security and Medicare benefits.<\/p>\n

“,”elementId”:”7078172c-ab88-4c37-9cd0-ba09dc9cbfec”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Rubin<\/strong>, Summers<\/strong>. Geithner<\/strong>, Lew<\/strong> and Yellen<\/strong> explain:<\/p>\n

“,”elementId”:”38895e1a-eb7c-4de8-9ea6-5469448c3640″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

People often rely on these funds for survival, making any risk of their cutoff or delay existential. But even more than the importance of making good on particular commitments is the importance of making good on the principles that this country stands for.<\/p>\n

n <\/p>\n

We have during our service in the Treasury Department faced moments of crisis, when the specter of an American default loomed. Any hint of the selective suspension of congressionally authorized payments will be a breach of trust and ultimately, a form of default. And our credibility, once lost, will prove difficult to regain.<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”dba86213-44bf-4e3d-990a-79db4af0e29b”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739195383000,”blockCreatedOnDisplay”:”08.49\u00a0EST”,”blockLastUpdated”:1739196008000,”blockLastUpdatedDisplay”:”09.00\u00a0EST”,”blockFirstPublished”:1739196008000,”blockFirstPublishedDisplay”:”09.00\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”09.00″,”title”:”Former US Treasury secretaries: Our Democracy Is Under Siege”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67aa017c8f08e546ca10269f”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Britain\u2019s blue-chip share index has just hit a new alltime high, despite trade war worries.<\/strong><\/p>\n

“,”elementId”:”df681d14-6d0a-4764-86ba-c3df662fd386″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

UPDATED: The FTSE<\/strong> 100<\/strong> index has touched 8,770.08 points, three point above the previous intraday high set last week when the Bank of England cut interest rates.<\/p>\n

“,”elementId”:”8b2060cf-0bed-4618-bdd8-51a54dc84ce3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The rally is being driven by BP,<\/strong> whose shares are up over 7% after activist investor Elliott Investment Management took a stake in the UK oil company.<\/p>\n

“,”elementId”:”319fb45e-3456-490b-aac7-02345ea66b20″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739194748000,”blockCreatedOnDisplay”:”08.39\u00a0EST”,”blockLastUpdated”:1739196669000,”blockLastUpdatedDisplay”:”09.11\u00a0EST”,”blockFirstPublished”:1739194961000,”blockFirstPublishedDisplay”:”08.42\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”08.42″,”title”:”FTSE 100 hits record high as BP shares surge”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9ff7f8f08e546ca102691″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Fast food giant McDonalds has reported a drop in sales in the US.<\/strong><\/p>\n

“,”elementId”:”a7ca7969-543d-4d8d-9cbb-c7fdecbed5cf”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Like-for-like sales at American stores fell by 1.4% in the last quarter of 2024, the company reports.<\/p>\n

“,”elementId”:”8e571ae2-53e7-4c68-939b-b5d002ae48cb”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The drop in sales is due to customers buying less at the till.<\/p>\n

“,”elementId”:”d94443f4-f12a-468b-b219-d0e7fc87fefe”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

McDonalds<\/strong> says:<\/p>\n

“,”elementId”:”6da78a55-79f9-4af0-9d80-a53aa3956b50″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

Comparable sales results for the quarter reflect a decline in average check, partly offset by slightly positive comparable guest counts<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”da6ebf5e-32ca-420a-a24c-c315007a24af”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Global comparable sales increased by 0.4%, despite a fall in sales in some markets, \u201cled by the UK\u201d.<\/p>\n

“,”elementId”:”06f386b3-f0c5-409c-a314-391d460a1222″},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1888926268952895875″,”elementId”:”36229662-8923-4437-98df-d9813eff4aae”,”hasMedia”:false,”role”:”inline”,”url”:”https:\/\/x.com\/Investingcom\/status\/1888926268952895875″,”isThirdPartyTracking”:false,”html”:”<\/p>\n

\n

\u26a0\ufe0fBREAKING:<\/p>\n

*MCDONALD'S POSTS BIGGEST US SALES DECLINE IN NEARLY FIVE YEARS AS EARNINGS MISS ESTIMATES$MCD<\/a> pic.twitter.com\/ebVKw7wNSK<\/a><\/p>\n

— Investing.com (@Investingcom) February 10, 2025<\/a><\/p><\/blockquote>\n

nn”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739194239000,”blockCreatedOnDisplay”:”08.30\u00a0EST”,”blockLastUpdated”:1739194592000,”blockLastUpdatedDisplay”:”08.36\u00a0EST”,”blockFirstPublished”:1739194593000,”blockFirstPublishedDisplay”:”08.36\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”08.36″,”title”:”McDonalds hit by fall in US sales”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9f2d78f08260c2858ccb8″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Shares in US steelmakers are ralling in pre-market trading, as investors anticipate new tariffs on foreign imports of metal.<\/strong><\/p>\n

“,”elementId”:”1e43fcdd-7d84-4188-8b23-2bc61af47287″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Cleveland-Cliffs<\/strong>, the American steel manufacturer based in Cleveland, Ohio, are up over 8% in premarket trading, as are Nucor<\/strong> Corporation<\/strong>, another large steel producer which also makes recycled steel.<\/p>\n

“,”elementId”:”72ff6315-2319-487d-9ab9-66722d4ca027″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Alcoa Corp<\/strong>, the aluminium producer, are on track to jump 5% when Wall Street trading begins in two hours.<\/p>\n

“,”elementId”:”64a9ae96-0c0f-4526-b7a5-e97bb0bdea9a”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

New tariffs will make it harder for overseas companies to sell lower-priced steel on the U.S. market, supporting domestic producers. US steel makers could also potentially hike their own prices, to take advantage of the fact that overseas steel will cost more once it incurs a tariff too.<\/p>\n

“,”elementId”:”d258ce7d-b750-46fe-8a30-9d91f3a4c35d”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739190999000,”blockCreatedOnDisplay”:”07.36\u00a0EST”,”blockLastUpdated”:1739191427000,”blockLastUpdatedDisplay”:”07.43\u00a0EST”,”blockFirstPublished”:1739191427000,”blockFirstPublishedDisplay”:”07.43\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”07.43″,”title”:”US steelmakers shares set to jump”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9ee918f08260c2858cc55″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The European Union is signalling to the US that it would react to protect EU interests after US president Donald Trump\u2019s announcement of impending metals tariffs.<\/strong><\/p>\n

“,”elementId”:”72b3875b-7fe6-48de-9439-d39959651251″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

However, Brussels is not responding until it has clarification about what the US plans too do.<\/p>\n

“,”elementId”:”a4617003-5ff4-4f24-a690-bcb053aa6dd3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

In a statement, the European<\/strong> Commission<\/strong> said:<\/p>\n

“,”elementId”:”ec0180ab-ad36-40df-9927-94f27aa06a21″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

\u201cThe EU sees no justification for the imposition of tariffs on its exports.<\/p>\n

n <\/p>\n

We will react to protect the interests of European businesses, workers and consumers from unjustified measures.\u201d<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”4d9a04e5-16a4-4132-8234-e04fefd10988″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

A European<\/strong> Commission<\/strong> spokesperson has told reporters today that the reciprocal tariffs proposed by Trump are also unjustified, saying:<\/p>\n

“,”elementId”:”0aecd96e-c221-476c-b2ab-ed1513876dc5″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

\u201cWe believe that none of the potential measures outlined by the U.S. administration to date are justified.\u201d<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”e878201b-b726-4fae-8e29-f454981a67b6″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Trump<\/strong> indicated last weekend that he will announce reciprocal tariffs on Tuesday or Wednesday, under which the US would raise trade levels to the same level as it faces on its exports to other countries\u2026.<\/p>\n

“,”elementId”:”cc8fcc2d-dacb-42b3-b62b-d2a2f903233b”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739189905000,”blockCreatedOnDisplay”:”07.18\u00a0EST”,”blockLastUpdated”:1739190381000,”blockLastUpdatedDisplay”:”07.26\u00a0EST”,”blockFirstPublished”:1739190382000,”blockFirstPublishedDisplay”:”07.26\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”07.26″,”title”:”Europe: We will react to US tariffs”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9ece48f089ef593b9fd2c”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Community<\/strong>, the union for the UK steel union, are also very concerned about the prospect of new US tariffs on steel.<\/p>\n

“,”elementId”:”0c49781a-3a38-42af-944e-44a4a2b1f2a5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Alasdair McDiarmid, Community\u2019s <\/strong>assistant general secretary, says new levies hit import of British Steel could hurt America:<\/p>\n

“,”elementId”:”25700d91-05f3-42cf-b643-756da206fac6″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

\u201cWhile we await full details and a formal policy announcement, the comments from the White House regarding new tariffs on steel are extremely concerning.<\/p>\n

n <\/p>\n

At a time of uncertainty for the sector, a punitive new tariff on UK steel exports would be hugely damaging and threaten jobs. For the US it would also be self-defeating, as the UK is a leading supplier of specialist steel products required by their defence and aerospace sectors.<\/p>\n

n <\/p>\n

Again, this just reinforces the need for a strong UK Carbon Border Adjustment Mechanism and for robust new measures to be put in place when existing safeguards expire to shield our steel sector from a surge in cheap imports.\u201d<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”51e94a99-2820-4f4d-85c0-71d515aa9cd9″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739189476000,”blockCreatedOnDisplay”:”07.11\u00a0EST”,”blockLastUpdated”:1739189935000,”blockLastUpdatedDisplay”:”07.18\u00a0EST”,”blockFirstPublished”:1739189935000,”blockFirstPublishedDisplay”:”07.18\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”07.18″,”title”:”Community union: US needs UK’s specialist steel”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9ea018f080e372753fd26″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Trade body UK<\/strong> Steel<\/strong> has warned that the imposition of US tariffs on UK steel would be \u201ca devastating blow\u201d to the industry.<\/p>\n

“,”elementId”:”926b4db3-d18a-4888-ad0c-7d7a0b41dc27″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

UK Steel <\/strong>director general, Gareth Stace, <\/strong>says:<\/p>\n

“,”elementId”:”50b3e00d-1bbe-47b7-8fec-2d63cfa23606″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

The US is our second largest export market after the EU. At a time of shrinking demand and high costs, rising protectionism globally, particularly in the US, will stifle our exports and damage over \u00a3400 million worth of the steel sector\u2019s contribution to the UK\u2019s balance of trade.<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”77f02405-c390-42c6-9c19-58f760e803f6″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Stace<\/strong> says it would be \u201cdeeply disappointing\u201d Trump decides to target UK steel, given its \u201crelatively small production volumes compared to major steel nations\u201d.<\/p>\n

“,”elementId”:”0323ad65-3429-4605-b4b5-483912d12c39″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

H explains:<\/p>\n

“,”elementId”:”6471e299-fe4a-4e00-87ba-de78b0b8fed0″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

The UK produces world-leading steel, supplying the US with high-quality products for defence, aerospace, stainless, and other critical sectors, materials that simply cannot be replicated elsewhere.<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”f955d3dd-28fe-49c3-80c8-3d5868225852″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The danger, Stace<\/strong> adds, is that other nations decide to dump steel on the UK market to avoid US tariffs:<\/p>\n

“,”elementId”:”985e177b-099e-4f76-bb16-59dc233326b6″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

\u201cAt the same time, the introduction of further US tariffs will inevitably divert global trade flows, with excess steel potentially redirected to the UK market. This reinforces the urgent need for watertight UK trade measures in 2026 to prevent surges in imports following the UK\u2019s steel safeguards expiry.<\/p>\n

n <\/p>\n

Accelerating the UK\u2019s CBAM [Carbon Border Adjustment Mechanism] to 2026 would provide an additional layer of protection against unfairly priced steel. The UK Government must act decisively to shield our domestic industry from the fallout of rising global protectionism.\u201d<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”77bc52e2-b981-4117-a3c1-00bf438c26f8″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Reminder: We don\u2019t yet know if the UK will be subject to the 25% tariff on steel which Trump announced last night, or if exemptions will be available; British ministers said today they must \u2018wait and see\u2019 what the US does\u2026<\/a><\/p>\n

“,”elementId”:”8d7cc466-5de5-4ece-8e9f-68cb32973983″}],”attributes”:{“pinned”:true,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739188737000,”blockCreatedOnDisplay”:”06.58\u00a0EST”,”blockLastUpdated”:1739189397000,”blockLastUpdatedDisplay”:”07.09\u00a0EST”,”blockFirstPublished”:1739189002000,”blockFirstPublishedDisplay”:”07.03\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”07.03″,”title”:”UK Steel fears “devastating blow” from Trump tariffs”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9e3ab8f080e372753fcbe”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Liberal Democrats leader Sir Ed Davey is urging Prime Minister Keir Starmer to hold crisis talks with the leaders of Scotland, Wales and Northern Ireland to discuss the tariff threat from Donald Trump<\/a>.<\/strong><\/p>\n

“,”elementId”:”2c87facb-5ed7-4e0d-a47c-db56ffd047b8″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

He said:<\/p>\n

“,”elementId”:”1af6f705-2341-4c37-8946-fc2291fc43cf”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

\u201cDonald Trump\u2019s latest threat of tariffs will plunge many into deep uncertainty \u2013 not least those working in our great British steel industry.<\/p>\n

n <\/p>\n

\u201cKeir Starmer must immediately call a Four Nations summit with leaders across the United Kingdom, to agree a joint plan to protect our economy from Trump\u2019s damaging trade war.\u201d<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”45c9c2f1-65e0-4ec9-a533-dcfbcc9a9d82″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739187115000,”blockCreatedOnDisplay”:”06.31\u00a0EST”,”blockLastUpdated”:1739187170000,”blockLastUpdatedDisplay”:”06.32\u00a0EST”,”blockFirstPublished”:1739187170000,”blockFirstPublishedDisplay”:”06.32\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”06.32″,”title”:”Ed Davey seeks crisis talks about Trump tariff threat”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9de2b8f080e372753fc85″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

After a series of banking IT failures which have disrupted services for customers over the last couple of years, MPs are demanding answers.<\/strong><\/p>\n

“,”elementId”:”30275b3f-d79e-4ef6-a83c-55496f8315c6″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Parliament\u2019s Treasury Committee have wrtten to the bosses of the nine largest UK banks and building societies, asking how much disruption their customers have suffered over the last two years.<\/p>\n

“,”elementId”:”f7ad4279-50d9-49b5-a8de-9e31771715a0″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

They also want to know how many customers were affected, and the amount of compensation that has been paid.<\/p>\n

“,”elementId”:”bf3b7a29-93c3-44b8-aeb9-86482eccd2d0″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The letter comes after Barclays suffered an IT glitch that lasted for several days, during which time some customers saw outdated balances, or could not see their latest payment.<\/p>\n

“,”elementId”:”2cf81ee3-1dbb-4e87-ba9d-73ef4a42ee18″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Barclays says IT glitch that locked customers out of accounts is fixed”,”elementId”:”a8d415bd-e07e-4874-83cb-d6a8e22eb5d3″,”role”:”thumbnail”,”url”:”https:\/\/www.theguardian.com\/business\/2025\/feb\/02\/barclays-says-it-glitch-that-locked-customers-out-of-accounts-is-fixed”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Chair of the Treasury Select Committee, Dame Meg Hillier MP, <\/strong>says:<\/p>\n

“,”elementId”:”085de305-16dd-4769-961a-41631dca5ce0″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

\u201cWhen a bank\u2019s IT system goes down, it can be a real problem for our constituents who were relying on accessing certain services so they can buy food or pay bills.<\/p>\n

n <\/p>\n

For it to happen at a major bank such as Barclays at such a crucial time of year is either bad luck or bad planning. Either way, it\u2019s important to learn what has happened and what will be done about it.<\/p>\n

n <\/p>\n

The rapidly declining number of high street bank branches makes the impact of IT outages even more painful; that\u2019s why I\u2019ve decided to write to some of our biggest banks and building societies.\u201d<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”c68bac9b-2026-48d9-af8e-adf278e47953″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739185707000,”blockCreatedOnDisplay”:”06.08\u00a0EST”,”blockLastUpdated”:1739186184000,”blockLastUpdatedDisplay”:”06.16\u00a0EST”,”blockFirstPublished”:1739186184000,”blockFirstPublishedDisplay”:”06.16\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”06.16″,”title”:”MPs demand answers about Bank IT shambles”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9d3948f080e372753fc20″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Shares in oil giant BP have hit a six-month high after activist investor Elliott Management took a stake in the company.<\/strong><\/p>\n

“,”elementId”:”4659eb14-40d7-43e5-a263-e202fc9f62b9″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Traders are calculating that Elliott<\/strong> will push for an overhaul of BP\u2019s<\/strong> strategy, and a shake-up of its board which could claim chairman Helge<\/strong> Lund<\/strong>.<\/p>\n

“,”elementId”:”44a1cf40-c918-48e5-97a1-0d730e5085c1″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

BP\u2019s<\/strong> shares are up 6.35% at 460.70p, the highest since last August, after Elliott\u2019s stake was reported on Saturday.<\/p>\n

“,”elementId”:”e6632373-bf58-494c-b115-a2b1a5aae576″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

BP<\/strong> shareholders may be impatient for improvement, as Richard Hunter<\/strong>, head of markets at interactive investor, <\/strong>says:<\/p>\n

“,”elementId”:”91d26ff9-5d41-41f9-8112-bb448b682fe7″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

The shares have drifted by around 3% over the last year, in contrast to a gain of some 6% for rival Shell over that period and it remains to be seen whether this latest speculation will provide a shot in the arm for what has been a relatively disappointing period for the group of late<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”8e0b76ce-9e09-4d23-a0df-3602d3c52cb3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

BP<\/strong> is due to release its latest financial results tomorrow, after recently setting out plans to cut thousands of jobs from its global workforce to save billions in costs and appease its worried shareholders.<\/p>\n

“,”elementId”:”3dadc01d-ed30-43a1-990b-7784b7f22aac”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

BP<\/strong> has fallen out of favour with many investors since embarking on a plan to slash its oil and gas production in favour of spending billions on renewable energy projects\u2026<\/p>\n

“,”elementId”:”90690bc7-3e46-4709-8670-c14c6f195712″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

More here<\/a>:<\/p>\n

“,”elementId”:”0ed3f811-d2a6-4a39-8d8a-7110b8bb2500″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”An existential risk: can BP avoid becoming a prime takeover target?”,”elementId”:”ec8087f9-988b-4aaa-80ac-a697ddb4cb23″,”role”:”thumbnail”,”url”:”https:\/\/www.theguardian.com\/business\/2025\/feb\/09\/can-bp-avoid-becoming-takeover-target”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739182996000,”blockCreatedOnDisplay”:”05.23\u00a0EST”,”blockLastUpdated”:1739183784000,”blockLastUpdatedDisplay”:”05.36\u00a0EST”,”blockFirstPublished”:1739183609000,”blockFirstPublishedDisplay”:”05.33\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”05.33″,”title”:”BP shares hit six-month high after Elliott builds stake”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9d0298f080e372753fbff”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Another one of Donald Trump\u2019s policies, a crackdown on illegal immigration, could also hurt the US economy.<\/strong><\/p>\n

“,”elementId”:”96b4d169-bcb5-4353-a9a1-130ec8dfdc20″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

A new note from Goldman<\/strong> Sachs<\/strong> today predicts that net immigration into the US will slow to 750k per year, as the Trump administration<\/a> increases border security, reinstates the \u201cRemain in Mexico\u201d programme, and ends several humanitarian parole programmes.<\/p>\n

“,”elementId”:”ad15992c-7c18-4e7a-ba20-b84a58df6c0f”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Thousands protest against Trump\u2019s war on immigrants after Ice raids: \u2018Fight for our neighbors\u2019”,”elementId”:”b63d3577-9c24-4916-ae88-5cf3b5428055″,”role”:”thumbnail”,”url”:”https:\/\/www.theguardian.com\/us-news\/2025\/feb\/09\/protests-trump-ice-raids-colorado”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

That would be a drop from an annualised rate of 1.7 million\/year last December, Goldman<\/strong> say.<\/p>\n

“,”elementId”:”43c1c5d1-6d6c-4986-8851-639b271a29f0″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

In that \u201cbaseline scenario\u201d, lower immigration would lead to up to 40 basis points less growth per year \u2013 the equivalent of 0.1% off GDP each quarter.<\/p>\n

“,”elementId”:”834c59a1-4a53-43ff-89e3-c2636b05d602″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

But, Goldman<\/strong> warns, the economic consequences would be more serious in a scenario where Trump\u2019s immigration crackdown creates a climate in which unauthorized immigrants are afraid to go to work or employers are afraid to employ them.<\/p>\n

“,”elementId”:”f6d1a023-9e97-478b-a2b2-f825cc79a3dc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

That\u2019s because unauthorized immigrants already in the US account for 4-5% of the total workforce and 15-20% in some industries, Goldman<\/strong> says, adding:<\/p>\n

“,”elementId”:”07f206cc-993d-4ad3-a6f3-22ba24af5905″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

Abruptly losing these workers could be very disruptive for many of these industries and have a larger inflation impact.<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”1060f99c-8a5e-43fb-8bee-a2e9b35d9d42″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739182121000,”blockCreatedOnDisplay”:”05.08\u00a0EST”,”blockLastUpdated”:1739182616000,”blockLastUpdatedDisplay”:”05.16\u00a0EST”,”blockFirstPublished”:1739182617000,”blockFirstPublishedDisplay”:”05.16\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”05.16″,”title”:”Goldman: US immigration clampdown could hurt growth”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9cd398f089ef593b9fbd1″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The US stock market is set to open higher, despite anxiety about more tariffs heading our way.<\/strong><\/p>\n

“,”elementId”:”f87f0d20-2daf-4d0e-bb18-ceecc3ff5ea0″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The Dow Jones industrial average<\/strong>, of 30 large US companies, is 0.27% higher in the futures market.<\/p>\n

“,”elementId”:”3bd919aa-077c-4d4c-90d2-e674d531e45f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The broader S&P 500<\/strong> index is expected to gain 0.33% when Wall Street opens in four and a half hours.<\/p>\n

“,”elementId”:”31e1f3a7-44ae-4f70-a40e-e848ccc314c5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The tech-focused Nasdaq<\/strong> is 0.5% higher in pre-market.<\/p>\n

“,”elementId”:”c0cf7dae-c158-44e5-a295-e22dd0f91190″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739181369000,”blockCreatedOnDisplay”:”04.56\u00a0EST”,”blockLastUpdated”:1739181626000,”blockLastUpdatedDisplay”:”05.00\u00a0EST”,”blockFirstPublished”:1739181626000,”blockFirstPublishedDisplay”:”05.00\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”05.00″,”title”:”Wall Street futures higher”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9c1d18f08c6c8c9c2bfa3″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The gold price is continuing to hit new peaks this morning, as trade war fears fuel a dash for safe assets.<\/strong><\/p>\n

“,”elementId”:”3bcc68c5-00ee-4c76-8b66-6f72d802cce5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Gold has now hit a new all-time high of $2,900 per ounce, extending its earlier gains \u2013 and leading to speculation that it could soon hit the $3k level.<\/p>\n

“,”elementId”:”0e2fd4f2-6805-442f-b0b9-5bebb8fe37c6″},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1888872378173681891″,”elementId”:”18d42bbb-0903-4aed-94c4-93e03a5da2f5″,”hasMedia”:false,”role”:”inline”,”url”:”https:\/\/twitter.com\/MofaYasir\/status\/1888872378173681891″,”isThirdPartyTracking”:false,”html”:”<\/p>\n

\n

Gold after Trump imposes 25% Tariffs on US Steel and Aluminium Imports. Already going towards $3,000 pic.twitter.com\/kxVMq3pO5h<\/a><\/p>\n

— Yasir Mahmood (@MofaYasir) February 10, 2025<\/a><\/p><\/blockquote>\n

“},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

ING\u2019s commodity strategist, Ewa Manthey<\/strong>, suggests the $3,000 level is now in sight, as concerns that tariffs will lead to higher inflation and slower economic growth are spurring demand for safe haven assets.<\/p>\n

“,”elementId”:”6798e3eb-c5e1-4750-9f03-58893dd446b5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Manthey<\/strong> wrote last week:<\/p>\n

“,”elementId”:”709f4e63-1314-4069-8771-b4925a8cb760″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

US President Donald Trump\u2019s latest comments suggesting that the US takes over the Gaza strip and assumes responsibility for reconstructing the territory have added to this uncertainty, further boosting gold prices.<\/p>\n

n <\/p>\n

With Trump back in the White House, uncertainty and unpredictability are running high. And gold will continue to benefit from this environment.<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”6e003218-b328-4d1b-af7e-8876429fd3be”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1888874178834502107″,”elementId”:”4f4fdfbc-29f5-430e-9ed5-5af3cf41c823″,”hasMedia”:false,”role”:”inline”,”url”:”https:\/\/twitter.com\/ING_Economics\/status\/1888874178834502107″,”isThirdPartyTracking”:false,”html”:”<\/p>\n

\n

Gold is already up more than 9% year-to-date, having hit a series of consecutive record highs along the way. Here's why we think gold at $3,000\/oz is within reach.https:\/\/t.co\/O8cYwpHRwc<\/a> pic.twitter.com\/4EleREW8H4<\/a><\/p>\n

— ING Economics (@ING_Economics) February 10, 2025<\/a><\/p><\/blockquote>\n

“}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739178449000,”blockCreatedOnDisplay”:”04.07\u00a0EST”,”blockLastUpdated”:1739178833000,”blockLastUpdatedDisplay”:”04.13\u00a0EST”,”blockFirstPublished”:1739178818000,”blockFirstPublishedDisplay”:”04.13\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”04.13″,”title”:”Gold hits $2,900 per ounce – next stop $3,000?”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9b9fa8f080fb7bcad7130″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Markets are at the mercy of what is turning into \u201ca febrile February\u201d, says. Richard Hunter, <\/strong>head of markets at interactive investor.<\/strong><\/p>\n

“,”elementId”:”2d765097-7c05-4083-b4cd-a0926945e755″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Another raft of announcements are keeping volatility high on the agenda, Hunter<\/strong> explains:<\/p>\n

“,”elementId”:”3dc3f1e2-871c-4165-855e-1724ac8ea8b0″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

Tariffs remain central to the uncertainty, with President Trump\u2019s latest announcement on Sunday likely to keep investors on edge this week. He has threatened reciprocal tariffs across the board to equal the rates being charged to the US, quite apart from a 25% levy on the import of steel and aluminium.<\/p>\n

n <\/p>\n

Sentiment was already wavering at the end of the week with a survey which showed that consumer sentiment had fallen to 67.8 in February against estimates of 71.3 and perhaps even more concerningly that inflation expectations had risen to 4.3%. The jump in the anticipated rate of inflation was a potential canary in the coal mine in quantifying the effects of tariffs, while also vindicates the decision of the Federal Reserve to hold fire on interest rate cuts for the time being.<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”201d3b72-cd05-4f07-804c-1a6eb7373474″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739176442000,”blockCreatedOnDisplay”:”03.34\u00a0EST”,”blockLastUpdated”:1739176518000,”blockLastUpdatedDisplay”:”03.35\u00a0EST”,”blockFirstPublished”:1739176518000,”blockFirstPublishedDisplay”:”03.35\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”03.35″,”title”:”In the markets, it’s turning into “a febrile February””,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9b5608f08be14f0dffb46″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Home Office minister Dame Angela Eagle said the UK will have to \u201cwait and see\u201d if Donald Trump<\/a> provides more clarity on his threat to impose tariffs on all steel and aluminium imports to the US.<\/strong><\/p>\n

“,”elementId”:”55274877-7150-4d18-bf44-34aba857a2cd”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Speaking this morning, Eagle<\/strong> said the UK government must \u201cwait and see whether the president gets more specific about what he meant by that comment\u201d, PA Media reports<\/em>.<\/p>\n

“,”elementId”:”e7a311a6-49a4-473f-a2a4-f4ed281cba65″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Eagle<\/strong> added:<\/p>\n

“,”elementId”:”5f84d461-82a1-4145-9336-166e0a481a13″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

\u201cWe have a very balanced trading relationship with the US \u2013 I think \u00a3300 billion worth of trade between our countries \u2013 and I think it\u2019s in the best interests of both of us, as longstanding allies and neighbours, that we carry on with that balanced trade.\u201d<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”ab790081-2c33-418d-98b4-edf924f1786d”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739175264000,”blockCreatedOnDisplay”:”03.14\u00a0EST”,”blockLastUpdated”:1739175437000,”blockLastUpdatedDisplay”:”03.17\u00a0EST”,”blockFirstPublished”:1739175438000,”blockFirstPublishedDisplay”:”03.17\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”03.17″,”title”:”UK must \u2018wait and see\u2019 if Trump provides clarity on steel tariff threat”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9b38b8f080fb7bcad70fb”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

European stock markets have opened fairly calmly, despite the latest tariff threat lobbed by Donald Trump<\/a> from Air Force One yesterday.<\/strong><\/p>\n

“,”elementId”:”80daf1e9-471c-4cf6-a7d1-0f12c3d19896″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

In London, the FTSE<\/strong> 100<\/strong> share index has risen by 0.2% or 16 points to 8716 points.<\/p>\n

“,”elementId”:”a5f98fe7-f236-436a-9b0a-9b5018607bd7″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The FTSE<\/strong> 100<\/strong> is being lifted by oil giant BP,<\/strong> whose shares have jumped by 5.5% on the news that activist investor Elliott<\/strong> has taken a stake.<\/p>\n

“,”elementId”:”bdc2cb53-1230-4179-9b7a-906e023ebcf8″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

France\u2019s CAC<\/strong> and Germanys DAX<\/strong> indices are both up 0.2%.<\/p>\n

“,”elementId”:”33eec46e-4975-4962-a2c6-533cdbb6ec4f”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739174795000,”blockCreatedOnDisplay”:”03.06\u00a0EST”,”blockLastUpdated”:1739175139000,”blockLastUpdatedDisplay”:”03.12\u00a0EST”,”blockFirstPublished”:1739174967000,”blockFirstPublishedDisplay”:”03.09\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”03.09″,”title”:”European markets open a little higher”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9ac7e8f080fb7bcad70d9″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Donald Trump has also jolted investors by suggesting that there may be \u201ca problem\u201d with US government debt.<\/strong><\/p>\n

“,”elementId”:”627a8d5b-3d97-4298-b8fb-5a6cd0896f3e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Trump<\/strong> told reporters on Air Force One that administration officials who have been combing through payment records in an effort to identify wasteful spending have found some irregularities while examining data at the US Treasury Department.<\/p>\n

“,”elementId”:”be108acb-5821-4bed-aa25-fedfc12f0641″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Trump<\/strong> declared:<\/p>\n

“,”elementId”:”1447497b-6990-4472-932b-5183fb539fd6″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

There could be a problem – you\u2019ve been reading about that, with Treasuries and that could be an interesting problem.\u201d<\/p>\n

n <\/p>\n

\u201cIt could be that a lot of those things don\u2019t count. In other words, that some of that stuff that we\u2019re finding is very fraudulent, therefore maybe we have less debt than we thought.\u201d<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”7f96ecb7-dbac-4a62-960c-db33d42c052c”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

It isn\u2019t clear whether Trump was talking about US government debt, or payments processed through the Treasury Department.<\/p>\n

“,”elementId”:”1add07c6-7dad-4623-8d1c-a7f8ea86dbec”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1888742989587202276″,”elementId”:”f52ba301-9e00-45cc-ad16-27a4cbcbdc8b”,”hasMedia”:false,”role”:”inline”,”url”:”https:\/\/twitter.com\/josh_wingrove\/status\/1888742989587202276″,”isThirdPartyTracking”:false,”html”:”<\/p>\n

\n

New: Trump, riffing about DOGE, suggested today he believes there\u2019s fraud in U.S. *treasuries* and quipped that the debt might be lower than thought. <\/p>\n

It wasn\u2019t immediately clear what he meant or if he is serious about challenging certain debt obligations. pic.twitter.com\/RPDgq8TBMj<\/a><\/p>\n

— Josh Wingrove (@josh_wingrove) February 10, 2025<\/a><\/p><\/blockquote>\n

nn”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

US government debt is a bedrock of the global financial system, as Treasury bills (US bonds) are seen as a \u201crisk-free\u201d asset, from which the price of other assets are set.<\/p>\n

“,”elementId”:”0a6bd245-b787-4325-b224-735e2ffcc735″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

So any suggestion that US debt obligations might not be iron-clad might be problematic\u2026<\/p>\n

“,”elementId”:”402f7791-24e2-47c9-91c9-bc7aceed12fd”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739172990000,”blockCreatedOnDisplay”:”02.36\u00a0EST”,”blockLastUpdated”:1739183949000,”blockLastUpdatedDisplay”:”05.39\u00a0EST”,”blockFirstPublished”:1739174718000,”blockFirstPublishedDisplay”:”03.05\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”03.05″,”title”:”Trump: There could be a problem with Treasuries”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9a7448f080fb7bcad70c1″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The gold price has hit a record high, as investors scramble for a safe haven for their money after the US president said he will announce new 25% tariffs on all steel and aluminum imports.<\/strong><\/p>\n

“,”elementId”:”b2cd88e6-9456-4837-ba89-41c5914eaa44″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The spot price of gold has risen by 1% in early trading to $2,892 per ounce, above the previous record high set last Friday.<\/p>\n

“,”elementId”:”9c977e3c-c932-4e1b-9e9f-0bc33eb9dc9b”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Gold has been rising in recent weeks, amid concerns over the impact of Donald Trump\u2019s policies. It has gained 10% since the start of the year, having ended 2024 at $2,623 per ounce.<\/p>\n

“,”elementId”:”b95804ea-019c-45a1-8e54-ecb9b2d8074e”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1888848429410832703″,”elementId”:”494becbc-5316-4a5b-a12b-355ec03fa3d3″,”hasMedia”:false,”role”:”inline”,”url”:”https:\/\/twitter.com\/Investingcom\/status\/1888848429410832703″,”isThirdPartyTracking”:false,”html”:”<\/p>\n

\n

\u26a0\ufe0fBREAKING:<\/p>\n

*GOLD PRICES HIT RECORD HIGH ABOVE $2,900 AS TRUMP TARIFFS FUEL HAVEN DEMAND$GC_F<\/a> pic.twitter.com\/CpYRKyiZgl<\/a><\/p>\n

— Investing.com (@Investingcom) February 10, 2025<\/a><\/p><\/blockquote>\n

“},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

This move comes as tariff threats dominate the markets again, says Kathleen Brooks, <\/strong>research director at XTB,<\/strong><\/p>\n

“,”elementId”:”be0a53e7-3a5e-4790-9400-c2364553d5aa”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Brooks<\/strong> believes Trump\u2019s<\/strong> plan for new levies on steel and aluminium could push gold higher:<\/p>\n

“,”elementId”:”5bcdfcb2-cd84-417d-b094-bcec7fede886″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<\/p>\n

n <\/p>\n

Interestingly, Trump announced his latest tariffs late on Sunday, which suggests that he is not too worried about the market reaction. Typically, Trump has announced tariffs earlier in the weekend, as if he was watching the reaction and to give himself time to back track before stocks or risk assets sold off too sharply. This may suggest that Trump is determined to impose tariffs on these industrial metals.<\/p>\n

n <\/p>\n

These tariffs are targeting specific products, rather than individual countries, which makes it hard for any negotiations to take place. We think that this move could boost the gold price, as it may lead to a further flurry of demand to bring gold on shore to the US, in case Trump imposes tariffs on precious metals.<\/p>\n

n <\/p>\n

The question for investors is whether gold will reach the psychologically significant $3,000 level on the back of ever-growing tariff levies. So far, the gold price is higher by $25 early on Monday.<\/p>\n

n<\/p><\/blockquote>\n

“,”elementId”:”33e70e90-e3b2-4dd4-8dd1-a2748ef17407″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1739171652000,”blockCreatedOnDisplay”:”02.14\u00a0EST”,”blockLastUpdated”:1739175016000,”blockLastUpdatedDisplay”:”03.10\u00a0EST”,”blockFirstPublished”:1739172134000,”blockFirstPublishedDisplay”:”02.22\u00a0EST”,”blockFirstPublishedDisplayNoTimezone”:”02.22″,”title”:”Gold hits record high after latest Trump tariff move”,”contributors”:[],”primaryDateLine”:”Mon 10 Feb 2025 10.37 EST”,”secondaryDateLine”:”First published on Mon 10 Feb 2025 01.49 EST”},{“id”:”67a9a3aa8f08c6c8c9c2beda”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The Australian government is hoping to make the case for an exemption from U.S. tariffs on steel and aluminum imports.<\/strong><\/p>\n

“,”elementId”:”b4d106ab-ade6-4d8f-b44e-ef8fbcbfadcd”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

Anthony Albanese<\/strong> has said he will make the case for \u201cfree and fair trade\u201d with America in an upcoming call with the US president, after Donald Trump<\/a> announced. he would impose tariffs on all steel and aluminium imports into the US.<\/p>\n

“,”elementId”:”fe7d2fd8-6385-46e8-8635-d6e2d0cac1e5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<\/p>\n

The Albanese government has been bracing for Trump for announce new tariffs, <\/a>with senior ministers and officials working behind the scenes for some time to secure tariff exemptions on Australian exports as were achieved during Trump\u2019s first term in office.<\/p>\n

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The trade minister, Don<\/strong> Farrell<\/strong>, and his colleagues had been seeking to make Australia\u2019s case to avoid such tariffs, with representations made at high levels for exemptions. The defence minister, Richard<\/strong> Marles<\/strong>, was in the US over the weekend meeting with senior Trump officials.<\/p>\n

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France\u2019s foreign minister has pledged to react to Donald Trump\u2019s latest tariff announcements, saying Paris will call on the European Union to respond.<\/strong><\/p>\n

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Jean-Noel Barrot<\/strong> told TF1<\/strong> television that France and its European partners should not hesitate to defend their interests in the face of the US tariff threats.<\/p>\n

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South Korea\u2019s industry ministry says it has held an emergency meeting with steelmakers in Seoul to discuss measures to minimise the impact of potential US tariffs, <\/strong>Reuters reports<\/strong><\/em>.<\/strong><\/p>\n

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The ministry said it was trying to learn the details of the potential tariffs, after Donald<\/strong> Trump<\/strong> said he would announce new 25% tariffs on all steel and aluminum imports into the U.S.<\/p>\n

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The ministry also said it would work closely with steelmakers to actively respond to the potential tariffs.<\/p>\n

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Korean steelmakers supply steel to the factories of car makers Hyundai Motor, Kia Motors as well as television and home appliance companies like Samsung Electronics and LG Electronics in Mexico and the United States, industry officials said.<\/p>\n

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Hello and welcome to our live coverage of the world\u2019s response to Donald Trump\u2019s announcement that he will soon impose new 25% tariffs on all steel and aluminium imports into the US.<\/strong><\/p>\n

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Trump, speaking to reporters on Air Force One on his way to the NFL Super Bowl in New Orleans on Sunday, said he would announce the new metals tariffs on Monday.<\/p>\n

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He also said he would announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately, applying them to all countries and matching the tariff rates levied by each country.<\/p>\n

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\u201cAnd very simply, it\u2019s, if they charge us, we charge them,\u201d Trump said of the reciprocal tariff plan.<\/p>\n

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The largest sources of US steel imports are Canada, Brazil and Mexico, followed by South Korea and Vietnam, according to government and American Iron and Steel Institute data.<\/p>\n

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Vasu<\/strong> Menon<\/strong>, managing director of investment strategy at OCBC<\/strong> in Singapore said it was unclear whether Trump\u2019s latest announcement was a negotiation strategy.<\/p>\n

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\u201cAfter all if implemented it will also hurt the U.S. given its dependence on imported steel and aluminum from Canada and Mexico which are major suppliers of these metals to the US,\u201d Menon<\/strong> said.<\/p>\n

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n <\/p>\n

\u201cMarkets will be on edge and volatile with the escalating trade war and investors need to tread with caution for now and brace for possibly more market turbulence.\u201d<\/p>\n

n<\/p><\/blockquote>\n

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Trump\u2019s comments came as China\u2019s retaliatory tariffs, announced last week, came into effect. The measures target $14bn worth of products with a 15% tariff on coal and LNG, and 10% on crude oil, farm equipment and some vehicles.<\/p>\n

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The agenda<\/h2>\n

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