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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