00:00Global stock markets declined sharply June 2nd, following President Donald Trump's announcement
00:05to double tariffs on steel and aluminum imports to 50 percent, escalating trade tensions
00:10with China and the European Union.
00:12China accused the U.S. of violating a recent trade agreement through export controls on
00:17AI chips, while the EU criticized the tariff hike and warned of potential retaliation.
00:22Despite the broader downturn, U.S. steel companies like Nucor saw significant gains due to the
00:27anticipated benefits from the increased tariffs.
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