Death toll rises in China's north following extreme rain, state media says
Relentless downpours across northern China have exposed the vulnerability of rural communities and ageing infrastructure to climate-driven disasters. ...
President Trump's new 50% tariff on Canadian steel and aluminum has triggered market volatility, boosting U.S. steel stocks while raising concerns for industries like auto manufacturing.
President Trump has launched a new round of tariffs, targeting Canadian steel and aluminum imports with a 50% tariff set to take effect at midnight, while other countries will face a 25% tariff. The move caused the S&P 500 to dip further as trade war tensions intensified. U.S. steel stocks like Nucor (NUE) saw gains, while steel-dependent companies like General Motors (GM) fell.
This escalation follows a threat from Ontario Premier Doug Ford to increase electricity costs for about 1.5 million U.S. customers, affecting states like New York, Michigan, and Minnesota. Trump's tariffs on steel and aluminum are only the beginning, as he has indicated that he may impose substantial tariffs on auto imports from Canada starting April 2, potentially crippling Canada’s auto industry. Additionally, Trump warned of declaring an emergency, potentially providing relief to impacted customers, and demanded that Canada drop its high tariffs on U.S. dairy products.
Trump's 25% tariff on steel imports, initially imposed in 2018, has now been extended to all steel imports after removing previous exemptions for Canada, Brazil, and Mexico. The 10% tariff on aluminum will also rise to 25%.
Steel prices rose in response, while capacity utilization in the steel industry has dropped. However, aluminum output remains more constrained, with Canada's role in U.S. aluminum imports being critical. This could lead to short-term challenges without immediate benefits.
Stocks in the steel and aluminum sectors surged, with companies like Steel Dynamics (STLD), Nucor, Alcoa (AA), and Century Aluminum seeing gains. Meanwhile, automakers like GM and Ford saw declines, as they rely heavily on steel and aluminum.
The broader stock market responded negatively, with the S&P 500 turning a slight gain into a 1% loss amid growing concerns over the escalating U.S.-Canada trade conflict. With the market already down 8.6% from its February high, the ongoing tensions could push it closer to a 10% correction.
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