Mon, 02 Jun 2025 10:22:22 -0400
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Stocks are lower on Monday, the first trading session of June, on renewed trade tensions. 
The Dow Jones Industrial Average fell 300 points, or 0.6%, while the S&P 500 and Nasdaq Composite were down 0.4% and 0.3%, respectively.
China said on Monday that President Donald Trump’s accusations that Beijing had violated the consensus reached in Geneva trade talks were “groundless”, and promised to take forceful measures to safeguard its interests.
The comment by the commerce ministry was in response to Trump’s remarks on Friday that China had breached a bilateral deal to roll back tariffs.
The ministry said China had implemented and actively upheld the agreement reached last month in Geneva, while the U.S. had introduced multiple “discriminatory restrictive” measures against China.
“The U.S. government has unilaterally and repeatedly provoked new economic and trade frictions, exacerbating uncertainty and instability in bilateral economic and trade relations,” the ministry said in a statement.
Trump on Friday also announced a doubling of import tariffs on steel and aluminum to 50%.
While China is the world’s largest steel producer and exporter, it ships very little to the United States after a 25% tariff imposed in 2018 shut most Chinese steel out of the market. China ranks third among aluminum suppliers.
Reuters contributed to this report
Mon, 02 Jun 2025 09:17:01 -0400
President Donald Trump said if the courts rule against the administration’s sweeping tariffs, it would mean the “economic ruination” of the country….
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Mon, 02 Jun 2025 09:25:50 -0400
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Steel stocks move higher after President Trump slapped tariffs on two metals.
“It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!” he posted on Truth Social.
While promising to make more of the metal in the U.S.
“With the help of Patriots like you, we’re going to produce our own metal, unleash our own energy, secure our own future, build our Country, control our destiny and we are once again going to put Pennsylvania steel into the backbone of America like never before!” Trump added.
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Mon, 02 Jun 2025 08:57:53 -0400
JPMorgan CEO Jamie Dimon stressed the importance of the U.S.A. maintaining a strong military in an exclusive interview with FOX Business’ Maria Bartiromo.
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