Overview

• President Trump announced Saturday he will raise tariffs on steel imports from 25% to 50%, effective June 4, accusing China of violating trade agreements.
• US stock futures fell around 0.3% Sunday, with S&P 500, Nasdaq-100 and Dow Jones futures sliding as markets reacted to the tariff shock.
• Steel-related shares in Japan and South Korea declined, with JFE Holdings down 1.2%, Kobe Steel off 0.2%, Hyundai Steel down 3% and Posco Holdings sliding 1%.
• The S&P 500 posted a 6.15% gain in May—the strongest month since November 2023—while the Nasdaq Composite surged 9.56% despite rising trade tensions.
• Officials have flagged potential Trump-Xi trade talks later this week and investors will monitor Friday’s nonfarm payrolls for signs of economic resilience.