FAA Proposes Inspections for Boeing 737 MAX Passenger Seats Over Installation Concern 
Colombia President Abelardo De La Espriella Pledges Drug Crackdown, Economic Reforms 
Trump Orders Warning Signs Outside Smithsonian Museum Over ‘Anti-American’ Exhibits 
Canada, US Hold Constructive Trade Talks as Tariff Negotiations Continue 
Oil Prices Set for Steep Weekly Losses as Hormuz Deal Stalls 
Singapore Says One-Third of U.S. Exports Hit by New 12.5% Tariff 
Philippine GDP Growth Slows to 2.3% in Q2 
US Stock Futures Rise as Markets Await July Payrolls Data 
Bezalel Smotrich Faces Election Battle as Israel’s Far-Right Vote Fractures 
Trump Orders Section 301 Probe Into EU Tech Fines, Signals New Tariffs 
Russia Intensifies Drone and Bomb Attacks on Ukraine’s Zaporizhzhia, Deepening Civilian Fear 
Dollar Holds Near Six-Week Low as Yen Loses Momentum Ahead of U.S. Jobs Data 
Brazil Cuts Selic Rate to 14% as Inflation Eases but Risks Persist 
Wall Street Ends Mixed as Dow Hits Record Despite Tech Weakness 
Trump Orders Probe Into Pentagon Munitions Stockpile Leaks After Iran Conflict 
New Mexico Measles Outbreak Cost Reached $5.4 Million, Study Finds 
Asian Currencies Hold Steady as US Dollar Nears Seven-Week Low Ahead of Key Jobs Data 
U.S. President Donald Trump announced a sharp increase in tariffs on imported steel and aluminum, raising rates from 25% to 50% during a rally in Pennsylvania. The move, aimed at boosting the U.S. steel industry, comes amid escalating trade tensions with major global partners.
Speaking near Pittsburgh at a U.S. Steel plant, Trump emphasized the importance of protecting American jobs, linking the tariff hike to a $14.9 billion deal between Nippon Steel and U.S. Steel. He later confirmed via social media that the increased tariffs will also apply to aluminum products and will take effect Wednesday.
The U.S. remains the world’s largest steel importer, bringing in 26.2 million tons in 2024. Industry experts predict the tariff hike will drive up steel prices and impact both businesses and consumers.
Cleveland-Cliffs Inc. (NYSE: CLF), a leading U.S. steelmaker, saw its shares surge 26% in after-hours trading following the announcement, as investors anticipated a boost in profitability from reduced foreign competition.
Global reactions were swift and critical. Canada’s Chamber of Commerce called the move harmful to North American economic security, while Australia condemned it as “unjustified.” Trade Minister Don Farrell warned the tariffs would damage key trade relationships and hurt consumers.
The increased levies fall under Section 232 national security measures, covering both raw metals and finished goods like aluminum cookware and steel hinges. In 2024, the U.S. imported $147.3 billion worth of steel and aluminum products across 289 categories.
This latest escalation mirrors Trump’s previous trade wars, including the $50 billion in tariffs imposed on Chinese goods in 2018. With Pennsylvania being a pivotal battleground state, Trump’s protectionist policy may be as much about politics as it is about industry.
