S&P 500 rises despite Trump’s 50% tariff hike on steel and aluminium imports

AWANI

The S&P 500 closed higher as investor optimism over trade talks persisted, despite President Donald Trump's announcement to double tariffs on steel and aluminum imports and rising tensions with China, which denies violating trade agreements.

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00:00The S&P 500 index closed high on Monday as investors were still optimistic over trade talks between the United States and its trading partners,

00:09despite President Donald Trump's latest salvo to double tariffs on imported steel and aluminium.

00:14Trump said late on Friday, May 30, he planned to increase tariffs on imported steel and aluminium to 50% to 25% starting Wednesday,

00:24just hours after he accused China of violating an agreement.

00:30China said on Monday that U.S. President Donald Trump's accusations that Beijing had violated the consensus reached in Geneva trade talks

00:38were groundless and promised to take forceful measures to safeguard its interest.

00:43The Trump administration wants countries to provide their best offer on trade negotiations.

00:49By Wednesday, as officials seek to accelerate talks with multiple partners ahead of a U.S.-imposed deadline in just five weeks,

00:56according to a draft letter to negotiating partners viewed by Reuters.

01:01I think the 50% tariff placed on steel and aluminium is not just rhetoric, it's reality.

01:09It is something that is going to last, possibly through the entire Trump administration.

01:13Our Washington analysis political strategy arm believes that what the administration is trying to do

01:22is to drive new capacity within the U.S. for both steel and aluminium production,

01:28rather than simply trying to use this as a negotiating ploy.

01:32Shares of U.S. steel companies rose, led by Cleveland Cliffs.

01:37Other steel makers also rose, including new current Steel Dynamics.

01:41However, shares of automakers such as Ford and General Motors were lower.

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