Overview

• President Trump announced the surtaxes on imported steel and aluminum will rise from 25% to 50% on June 4 to bolster domestic production.
• The European Commission expressed strong regret and signaled automatic retaliatory duties starting July 14 without a negotiated agreement.
• Two U.S. district courts ruled this week that Trump overstepped his authority in imposing some tariffs though the levies remain in effect pending appeals.
• Trump approved Nippon Steel’s $14 billion investment in U.S. Steel but the USW union criticized the deal for lacking binding worker protections.
• U.S. and EU trade officials have held recent talks and are scheduled to meet at an OECD ministerial in Paris to negotiate a diplomatic resolution.