Overview

• Steel and aluminum duties jump from 25% to 50% on June 4, reversing the earlier suspension of tariffs under the temporary Geneva agreement.
• Washington alleges that China breached the May 12 pact by delaying export licences for rare earths and other materials critical to semiconductors and automotive industries.
• Beijing rejected U.S. claims as unfounded, accusing Washington of discriminatory trade measures and promising to protect its legitimate interests.
• The OECD cut its global growth outlook to 2.9% for 2025 and 2026, citing the highest U.S. effective tariff rate since 1938 and warning of weaker investment and consumption.
• U.S. officials say a Trump-Xi phone call is imminent despite an ongoing stalemate in broader trade negotiations.