Overview

• President Trump issued an executive order raising steel and aluminum import tariffs from 25% to 50% effective immediately, citing national security concerns.
• EU Trade Commissioner Maros Šefčovič and US representative Jamieson Greer are meeting in Paris after productive technical talks in Washington as Brussels readies its counteroffer.
• China has denied breaching the Geneva agreement on tariff suspensions and accused the US of attempting to discredit Beijing without factual basis.
• The OECD downgraded its global GDP growth forecast to 2.9% for both 2025 and 2026, attributing the cut to rising trade tensions and weakening business confidence.
• European aluminum producers have called the 50% duty “suicidal,” and the US government has appealed a court ruling that found the tariff measures exceeded presidential authority.