Why Elon Musk may be the biggest loser of the Midterms
Elon Musk was not on the ballot in Tuesday’s U.S. midterm elections, but he emerged as one of the biggest losers after Democrats swept to vic...
U.S. President Donald Trump said on Sunday he will introduce 25% tariffs on all steel and aluminum imports into the United States, on top of existing metals duties, in another major escalation of his trade policy overhaul.
Here's a summary of the major trade partners it will affect.
Steel
Roughly a quarter of all steel used in the United States is imported, primarily from Mexico, Canada, Japan, South Korea, and Germany. Although China is the world's largest steel producer, it exports very little to the U.S. due to 25% tariffs imposed in 2018. Last year, China exported 508,000 net tons, accounting for just 1.8% of total U.S. steel imports.

Aluminum
The U.S. is more heavily reliant on aluminum imports, with roughly half of its aluminum coming from abroad. Canada is the largest supplier, exporting 3.2 million tons last year—twice as much as the next nine countries combined. Other significant sources include the United Arab Emirates (347,034 metric tons) and China (222,872 metric tons).
The U.S. aluminum smelting industry is relatively small, accounting for just 1.73% of global capacity, according to the U.S. Geological Survey.

Democrat wins surged on Tuesday across the United States with stunning victories in the South Carolina, Texas and Ohio senate races -- traditionally Republican strongholds -- in the 3 November midterm elections.
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Democrats captured majorities in both chambers of Congress on Tuesday, scoring sweeping victories that reached into Republican strongholds, with millions of voters delivering a strong rebuke to President Donald Trump.
U.S. President Donald Trump says Washington will end its annual financial and military aid to Israel by the end of 2026, under an agreement he claims to have reached with Israeli Prime Minister Benjamin Netanyahu.
Iranian parliament speaker Mohammad Bagher Ghalibaf says the U.S. must act to prevent war after Tehran sent a “strong and rational response” to Washington. Meanwhile, U.S. forces have reportedly carried out limited strikes against Iranian targets, including Qeshm Island,
Seven OPEC+ countries agreed on Sunday, 1 November, to keep oil production targets unchanged for December, extending an earlier freeze. But with the Iran war disrupting supplies and prices fluctuating, what is really driving the global oil market?
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Russian President Vladimir Putin has praised record trade with Egypt as Moscow seeks to use its economic ties with Cairo to expand its influence across Africa, with a focus on manufacturing, infrastructure and energy.
Kazakhstan could begin building its first nuclear power plant in 2027, President Kassym-Jomart Tokayev said on 28 October, according to Azertac. But as Central Asia steps up its energy ambitions, which countries are investing in nuclear power and which are pursuing alternatives?
Apple's latest iPhone 18 Pro series has outperformed its predecessor in early global sales, even as rising manufacturing costs and weaker demand in some markets put pressure on the smartphone industry, according to Counterpoint Research data released on Tuesday (27 October).
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