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With shops planning midnight launch parties after a run on pre-orders, Nintendo releases the Switch 2 on Thursday, hoping to score record early sales for the games console.But the Japanese company has its work cut out to match the overall success of the Switch, which became a must-have during the pandemic with hit games such as “Animal Crossing”.Featuring a bigger screen and more processing power, the Switch 2 is an upgrade to its predecessor, which has sold 152 million units since it came out in 2017 — making it the third best-selling console of all time.Serkan Toto from Tokyo consultancy Kantan Games said he “would not be surprised to see Switch 2 breaking sales records in the next weeks and months”.In Japan, Nintendo’s online store had 2.2 million pre-order applications for the Switch 2 — an “insane number the industry has never seen before”, Toto told AFP.”We are looking at some sort of mega launch,” he added.Challenges for Nintendo include uncertainty over US trade tariffs and whether it can convince enough people to pay the high price for its new device.The Switch 2 costs $449.99 in the United States, more than Switch’s launch price of $299.99. Both are hybrid consoles which can connect to a TV or be played on the go.New Switch 2 games such as “Donkey Kong Bananza” and “Mario Kart World” — which allow players to go exploring off-grid — are also more expensive than existing Switch titles.”After playing it, I think it’s worth the price,” 24-year-old aspiring filmmaker Steven Paterno told AFP at a Nintendo launch event in New York City.”I loved the original Switch, but I had to admit the Switch 2 really tops it.”- Pre-order cancellations -Retailers in the United States, Europe and other major markets are gearing up for a rush of excited fans, with some stores opening at midnight to welcome them.”I’m very excited to pick it up at midnight,” 22-year-old recent college graduate Angel Caceres said at the New York launch event.”I’m going to be very tired after that.”Supply pressures have forced retailers to cancel orders, with Britain’s Game saying it is “working hard to reinstate as many affected pre-orders as possible”.”It seems that retailers in the US were especially confident in their ability to ship pre-orders and now need to deal with some serious backlash from customers,” Toto said.He expects “it will be hard to get a Switch 2 not only at launch but for weeks and months after, possibly through the entire year,” as was the case for months with the Switch.Nintendo forecasts it will ship 15 million Switch 2 consoles in the current financial year, roughly equal to the original console in the same period after its release.The Switch 2 “is priced relatively high” compared to its predecessor, so it “will not be easy” to keep initial momentum going, the company’s president Shuntaro Furukawa said at a financial results briefing in May.- ‘Super excited’ -The Switch 2 has eight times the memory of the first Switch, and its controllers, which attach with magnets, can also be used like a desktop computer mouse.New functions allowing users to chat as they play online and temporarily share games with friends could also be a big draw for young audiences used to watching game streamers.”People were a bit shocked by the price of ‘Mario Kart World’, the first $80 game that we’ve ever seen,” said Krysta Yang of the Nintendo-focused Kit & Krysta Podcast.But while the company is “going to have to do some work” to convince more casual gamers that it’s worth upgrading, Nintendo fans are “super excited”, she told AFP.In the United States, Nintendo delayed pre-orders for the Switch 2 by two weeks as it assessed the impact from President Donald Trump’s aggressive duties on trading partners around the world.But tariff uncertainty could in fact push consumers to buy a Switch 2 sooner, because they are worried that the price could go up, according to Yang.And the stakes are high for Nintendo.While the “Super Mario” maker is diversifying into theme parks and hit movies, around 90 percent of its revenue still comes from the Switch business, analysts say.burs-kaf/tu-gc/jgc

Stock markets advanced Wednesday despite data showing US private sector job growth slowing last month, reviving fears about the economy.Investors also shrugged off US President Donald Trump’s tough words on China and his doubling of tariffs on imports of steel and aluminum.Separate figures on Tuesday showed that US job openings unexpectedly rose in April, somewhat calming worries about the impact of Trump’s tariff blitz on the world’s number one economy.But a Wednesday report by payroll firm ADP showed private sector employment rose by just 37,000 jobs last month, slowing from the 60,000 figure in April.The figure was also sharply below a Briefing.com consensus of 115,000.Wall Street’s major indexes closed mixed, as investors were careful not to overreact to the hiring numbers while awaiting government payroll figures due Friday.”The report… stirred some growth concerns that led to some knee-jerk selling interest in the equity futures market and some impulse buying in the Treasury market,” said Briefing.com analyst Patrick O’Hare.Comments by Trump that US Federal Reserve Chair Jerome Powell has been “too late” to cut US interest rates also rattled sentiment, he added.But O’Hare said that concerns about slowing growth could raise expectations that the Fed will cut rates “and few things calm the market’s nerves more than the idea of rate cuts.”The jobs data came ahead of crucial non-farm payrolls figures Friday, which could have a bearing on the Fed’s upcoming monetary policy decision in light of weaker growth and fears of tariff-fueled inflation.They also came as the OECD cut its growth forecast for the United States and the rest of the world, pointing to fallout from tariffs.- Talks advancing? – With Trump possibly speaking with Chinese President Xi Jinping this week, the US leader said on his Truth Social platform that it was “extremely hard to make a deal” with his counterpart.US-China tensions have ratcheted back up after Trump accused Beijing of violating an agreement that led to a dialing down of tit-for-tat tariffs between the world’s two biggest economies.Also on Wednesday, Trump doubled US tariffs on steel and aluminum imports to 50 percent, ramping up his trade war with foes and allies alike.EU trade commissioner Maros Sefcovic and US Trade Representative Jamieson Greer held talks on the sidelines of an OECD ministerial meeting in Paris.Sefcovic said that the EU “strongly” regrets the tariff increase, adding that it “doesn’t help the ongoing negotiations, especially as we are making progress.”But Greer noted in a statement that negotiations were “advancing quickly.”Elsewhere, Seoul’s stock market rallied more than two percent — pushing into a bull market after rising more than 20 percent from its recent low in April — as Lee Jae-myung won South Korea’s snap presidential election. The won gained against the dollar.Germany’s stock market added 0.8 percent after the government unveiled a sweeping package of corporate tax breaks aimed at boosting investment and pulling Europe’s largest economy out of the doldrums.- Key figures at around 2025 GMT -New York – Dow: DOWN 0.2 percent at 42,427.74 points (close)New York – S&P 500: FLAT at 5,970.81 (close)New York – Nasdaq Composite: UP 0.3 percent at 19,460.49 (close)London – FTSE 100: UP 0.2 percent at 8,801.29 (close)Paris – CAC 40: UP 0.5 percent at 7,804.67 (close)Frankfurt – DAX: UP 0.8 percent at 24,276.48 (close)Tokyo – Nikkei 225: UP 0.8 percent at 37,747.45 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 23,654.03 (close)Shanghai – Composite: UP 0.4 percent at 3,376.20 (close)Euro/dollar: UP at $1.1417 from $1.1371 on TuesdayPound/dollar: UP at $1.3548 from $1.3518Dollar/yen: DOWN at 142.86 yen from 144.03 yenEuro/pound: UP at 84.26 pence from 84.11 penceBrent North Sea Crude: DOWN 1.2 percent at $64.86 per barrelWest Texas Intermediate: DOWN 0.9 percent at $62.85 per barrelburs-rl-bys/sla

US President Donald Trump said Wednesday it is “extremely hard” to reach a deal with China over a trade impasse that has roiled global markets, while his doubling of metal tariffs fueled tensions with key partners.Trump’s latest salvos came as ministers from Organisation for Economic Cooperation and Development (OECD) countries gathered in Paris to discuss the world economy’s outlook in light of the trade war.The US leader’s sweeping duties on allies and adversaries have strained ties with trading partners and sparked a flurry of negotiations.The White House has suggested Trump will speak to Chinese President Xi Jinping this week, raising hopes they can soothe tensions and speed up a trade deal between the world’s two biggest economies.But early Wednesday, Trump appeared to dampen hopes for a quick resolution.”I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” he posted on his Truth Social platform.Asked about the remarks, Chinese foreign ministry spokesman Lin Jian said Beijing’s “principles and stance on developing Sino-US relations are consistent.”China was the biggest target of Trump’s April tariff blitz, hit with additional levies of 145 percent on its goods as both sides engaged in tit-for-tat escalation. China’s countermeasures on US goods reached 125 percent.Both sides agreed to temporarily lower rates in May, while Trump delayed most sweeping measures on other countries until July 9.- US neighbors incensed -Trump’s remarks came hours after he increased tariffs on aluminum and steel imports from 25 percent to 50 percent on Wednesday, raising pressure on key trading partners, while exempting Britain from the higher levy for now.The move drew sharp rebukes from immediate neighbors Canada and Mexico, with Mexican President Claudia Sheinbaum vowing countermeasures if Trump did not grant tariff relief.Mexico will request an exemption from the higher metals tariff, Economy Minister Marcelo Ebrard said.Canada’s Prime Minister Mark Carney blasted the levies as unjustified and illegal, adding that his country would respond.Trump’s tariffs have fanned worries among Canada’s workers. Ron Wells, president of United Steelworkers Local 1005 expressed concern that Canadian steel company Stelco could see significant parts of its orders dry up, impacting staff.The union’s members who work at the company want to see the tariffs situation resolved, he told AFP.”People are just pissed off that (Trump) keeps changing his mind and he’s playing chicken with the economy,” Wells said.Tensions could surge further in the coming weeks, with US Commerce Secretary Howard Lutnick opening the door Wednesday to potential tariffs on imported commercial aircraft and parts.Lutnick said Washington is expecting an investigation update on such imports and will soon “set the standard for aircraft part tariffs.”While some of Trump’s most sweeping levies face legal challenges, they have been allowed to remain in place as an appeals process takes place.- US-EU talks ‘advancing’ -The United States and European Union struck a more conciliatory note after talks on the sidelines of the OECD gathering.US Trade Representative Jamieson Greer said after talks with EU counterpart Maros Sefcovic that negotiations were “advancing quickly.”Greer added that the meeting was “very constructive and indicates a willingness by the EU to work with us to find a concrete way forward to achieve reciprocal trade.”EU goods will be hit with 50-percent tariffs on July 9 unless the 27-nation bloc reaches a deal with Washington. The EU has vowed to retaliate.Sefcovic said the doubling of metal tariffs “doesn’t help the negotiations” but both sides were nonetheless “making progress.”The US-EU meeting took place a day after the OECD cut its forecast for global economic growth, blaming Trump’s tariffs for the downgrade.A report by the nonpartisan Congressional Budget Office in Washington found Wednesday that Trump’s tariffs would reduce the size of the US economy and fuel inflation, while lowering federal deficits.After talks Tuesday between UK Trade Secretary Jonathan Reynolds and Greer, London said US tariffs on metal imports from Britain remain at 25 percent for now. Both sides need to work out duties and quotas in line with the terms of a recently signed trade pact.burs-bs-bys/aha

With shops planning midnight launch parties after a run on pre-orders, Nintendo releases the Switch 2 on Thursday, hoping to score record early sales for a games console.But the Japanese company has its work cut out to match the overall success of the Switch, which became a must-have during the pandemic with hit games such as “Animal Crossing”.Featuring a bigger screen and more processing power, the Switch 2 is an upgrade to its predecessor, which has sold 152 million units since it came out in 2017 — making it the third best-selling console of all time.Serkan Toto from Tokyo consultancy Kantan Games said he “would not be surprised to see Switch 2 breaking sales records in the next weeks and months”.In Japan, Nintendo’s online store had 2.2 million pre-order applications for the Switch 2 — an “insane number the industry has never seen before”, Toto told AFP.”We are looking at some sort of mega launch, and it will be interesting to see for how long this initial momentum will continue,” he added.Challenges for Nintendo include uncertainty over US trade tariffs and whether it can convince enough people to pay the high price for its new device.The Switch 2 costs $449.99 in the United States, more than Switch’s launch price of $299.99. Both are hybrid consoles which can connect to a TV or be played on the go.New Switch 2 games such as “Donkey Kong Bananza” and “Mario Kart World” — which allows players to go exploring off-grid — are also more expensive than existing Switch titles.- Pre-order cancellations -Retailers in the United States, Europe and other major markets are also gearing up for a rush of excited fans, with some stores opening at midnight to welcome them.”For us, this will be a record in terms of first-day sales for a games console,” said Charlotte Massicault, director of multimedia and gaming at France’s Fnac Darty.Supply pressures have even forced retailers to cancel orders, with Britain’s Game saying it is “working hard to reinstate as many affected pre-orders as possible”.”It seems that retailers in the US were especially confident in their ability to ship pre-orders and now need to deal with some serious backlash from customers,” Toto said.He expects “it will be hard to get a Switch 2 not only at launch but for weeks and months after, possibly through the entire year,” as was the case for months with the Switch.Nintendo forecasts it will shift 15 million Switch 2 consoles in the current financial year, roughly equal to the original in the same period after its release.The Switch 2 “is priced relatively high” compared to its predecessor, so it “will not be easy” to keep initial momentum going, the company’s president Shuntaro Furukawa said at a financial results briefing in May.- ‘Super excited’ -The Switch 2 has eight times the memory of the first Switch, and its controllers, which attach with magnets, can also be used like a desktop computer mouse.New functions allowing users to chat as they play online and temporarily share games with friends could also be a big draw for young audiences used to watching game streamers.”People were a bit shocked by the price of ‘Mario Kart World’, the first $80 game that we’ve ever seen,” said Krysta Yang of the Nintendo-focused Kit & Krysta Podcast.But while the company is “going to have to do some work” to convince more casual gamers that it’s worth upgrading, Nintendo fans are “super excited”, she told AFP.In the United States, Nintendo delayed pre-orders for the Switch 2 by two weeks as it assessed the impact from President Donald Trump’s aggressive duties on trading partners around the world.Furukawa said in May that “hardware for North America is mainly produced in Vietnam” where Trump is threatening a hefty so-called “reciprocal” levy of 46 percent.But tariff uncertainty could in fact push consumers to buy a Switch 2 sooner, because they are worried that the price could go up, according to Yang.And the stakes are high for Nintendo.While the “Super Mario” maker is diversifying into theme parks and hit movies, around 90 percent of its revenue still comes from the Switch business, analysts say.burs-kaf/cms

Stock markets extended gains Wednesday as investors shrugged off US President Donald Trump’s tough words on China and doubling of tariffs on global steel and aluminium.With Trump possibly speaking with Chinese President Xi Jinping this week, the US leader said on his Truth Social platform that it was “extremely hard to make a deal” with his counterpart.US-China tensions have ratched back up after Trump accused Beijing of violating an agreement that led to a dialling down of tit-for-tat tariffs between the world’ two biggest economies.Also on Wednesday, Trump doubled global tariffs on steel and aluminium to 50 percent, ramping up his trade war with foes and allies alike.EU trade commissioner Maros Sefcovic and US Trade Representative Jamieson Greer held talks on the sidelines of an OECD ministerial meeting in Paris.Sefcovic said in a news conference that the EU “strongly” regrets the tariff increase, adding that it “doesn’t help the ongoing negotiations, especially as we are making progress”.Asian and European stock markets rose, however, after Wall Street was lifted on Tuesday by data showing US job openings unexpectedly rose in April.The figures calmed worries about the impact of Trump’s tariff blitz on the world’s number one economy, even as the OECD cut its growth forecast for the United States.The reading came ahead of crucial non-farm payrolls figures Friday, which are closely followed by the US Federal Reserve as it maps monetary policy in light of weak growth and fears of tariff-fuelled inflation.”Growth is sputtering, the second half looks increasingly cloudy, and everyone knows the Fed’s rate-cut cavalry will ride in eventually,” said Stephen Innes at SPI Asset Management.”It’s already priced, already scripted — no one’s shocked by the plot twist unless, of course, inflation proves stickier than expected,” he added in reference to the Federal Reserve planning more cuts to US borrowing costs.”But what’s genuinely keeping equities ticking higher is the soft hum of hope — that US-China tensions could thaw into something warmer than their current frosty detente,” Innes added.Ahead of the jobs data, the European Central Bank is widely expected to cut eurozone interest rates Thursday.Elsewhere, Seoul’s stock market rallied more than two percent — pushing into a bull market after rising more than 20 percent from its recent low in April — as Lee Jae-myung won South Korea’s snap presidential election. The won gained against the dollar.The poll was called after the impeachment of predecessor Yoon Suk Yeol over his brief martial law attempt and ended six months of political turmoil in the country.It has also raised hopes that Lee will introduce fresh measures to boost the export-dependent economy, which faces a hefty hit from Trump’s tariffs, particularly the huge levies on steel and aluminium.In Lee’s inauguration speech on Wednesday, the new president warned protectionism posed a threat to the country’s “survival”.On the campaign trail, Lee said Seoul needed to start tariff negotiations with Washington “immediately” but also stressed there was no need to “rush” a deal.- Key figures at around 1030 GMT -London – FTSE 100: UP 0.2 percent at 8,804.46 pointsParis – CAC 40: UP 0.6 percent at 7,814.27Frankfurt – DAX: UP 0.6 percent at 24,238.96Tokyo – Nikkei 225: UP 0.8 percent at 37,747.45 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 23,654.03 (close)Shanghai – Composite: UP 0.4 percent at 3,376.20 (close)New York – Dow: UP 0.5 percent at 42,519.64 (close)Euro/dollar: UP at $1.1380 from $1.1371 on TuesdayPound/dollar: UP at $1.3531 from $1.3518Dollar/yen: UP at 144.07 yen from 144.03 yenEuro/pound: UP at 84.13 pence from 84.11 penceBrent North Sea Crude: FLAT at $65.61 per barrelWest Texas Intermediate: FLAT at $63.41 per barrel

Shares extended a global rise Wednesday following data indicating the US economy remained resilient, with South Korean equities and the won standing out as the election of a new president ended months of political paralysis.Speculation that presidents Donald Trump and Xi Jinping will speak this week stoked optimism for a soothing of US-China tensions, though the Republican indicated in a social media post his counterpart was “hard to make a deal with”.The US leader’s ramped-up tariffs on aluminium and steel imports — announced Friday — kicked in Wednesday, highlighting the uncertainty caused by the White House’s off-the-cuff policies.Traders in Asia took the baton from a positive Wall Street, where all three main indexes were lifted by data showing US job openings unexpectedly rose in April, calming worries about the impact of Trump’s tariff blitz on the world’s number one economy.The reading came ahead of crucial non-farm payrolls figures Friday, which are closely followed by the US Federal Reserve as it maps monetary policy in light of weak growth and fears of tariff-fuelled inflation.”Growth is sputtering, the second half looks increasingly cloudy, and everyone knows the Fed’s rate-cut cavalry will ride in eventually. It’s already priced, already scripted — no one’s shocked by the plot twist unless, of course, inflation proves stickier than expected,” said Stephen Innes at SPI Asset Management.”But what’s genuinely keeping equities ticking higher is the soft hum of hope — that US-China tensions could thaw into something warmer than their current frosty detente,” Innes said.He added that the risk of tariffs, “once a terrifying monster, now looks more like a toothless terrier’s wag, comforting investors enough to hold their ground despite the global economy’s chills”.Traders are awaiting further developments on the China-US front after White House officials said the two nations’ leaders could talk this week, even after Trump accused Beijing of violating last month’s detente that slashed tit-for-tat tariffs.However, the US president wrote on social media in a late-night post that while he was fond of Xi, he suggested he was a tough negotiator.”I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” he posted on his Truth Social platform.Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei, Mumbai and Jakarta all rose, while Paris and Frankfurt continued their Tuesday advances. London was flat.Seoul rallied more than two percent — pushing into a bull market after rising more than 20 percent from its recent low in April — as Lee Jae-myung won South Korea’s snap presidential election. The won gained around 0.8 percent.The poll was called after the impeachment of predecessor Yoon Suk Yeol over his brief martial law attempt and ended six months of political turmoil in the country.It has also raised hopes that Lee will introduce fresh measures to boost the export-dependent economy, which faces a hefty hit from Trump’s tariffs, particularly the huge levies on steel and aluminium.In Lee’s inauguration speech on Wednesday, the new president warned protectionism posed a threat to the country’s “survival”.On the campaign trail, Lee said Seoul needed to start tariff negotiations with Washington “immediately” but also stressed there was no need to “rush” a deal.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.8 percent at 37,747.45 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 23,654.03 (close)Shanghai – Composite: UP 0.4 percent at 3,376.20 (close)London – FTSE 100: FLAT at 8,787.60 Euro/dollar: UP at $1.1390 from $1.1371 on TuesdayPound/dollar: UP at $1.3539 from $1.3518Dollar/yen: UP at 144.06 yen from 144.03 yenEuro/pound: UP at 84.15 pence from 84.11 penceWest Texas Intermediate: DOWN 0.1 percent at $63.37 per barrelBrent North Sea Crude: FLAT at $65.61 per barrelNew York – Dow: UP 0.5 percent at 42,519.64 (close)

Asian shares extended a global rise Wednesday following data indicating the US economy remained resilient, with South Korean equities and the won standing out as the election of a new president ended months of political paralysis.Speculation that US President Donald Trump and Chinese leader Xi Jinping will speak this week stoked optimism for a soothing of trade tensions between Washington and Beijing.However, Trump’s ramped-up tariffs on aluminium and steel imports — announced Friday — are due to kick in later Wednesday, highlighting the uncertainty caused by the White House’s off-the-cuff policies.Traders in Asia took the baton from a positive Wall Street, where all three main indexes were lifted by data showing US job openings unexpectedly rose in April, calming worries about the impact of Trump’s tariff blitz on the world’s number one economy.The reading came ahead of crucial non-farm payrolls figures Friday, which are closely followed by the US Federal Reserve as it maps monetary policy in light of weak growth and fears of tariff-fuelled inflation.”Growth is sputtering, the second half looks increasingly cloudy, and everyone knows the Fed’s rate-cut cavalry will ride in eventually. It’s already priced, already scripted — no one’s shocked by the plot twist unless, of course, inflation proves stickier than expected,” said Stephen Innes at SPI Asset Management.”But what’s genuinely keeping equities ticking higher is the soft hum of hope — that US-China tensions could thaw into something warmer than their current frosty detente,” Innes said.He added that the risk of tariffs, “once a terrifying monster, now looks more like a toothless terrier’s wag, comforting investors enough to hold their ground despite the global economy’s chills”.Traders are awaiting further developments on the China-US front after White House officials said the two nations’ leaders could talk this week, even after Trump accused Beijing of violating last month’s detente that slashed tit-for-tat tariffs.News that eurozone inflation had eased in May to its lowest level in eight months — and slipped back below the European Central Bank’s two-percent target — added to the upbeat mood.Tokyo, Hong Kong, Shanghai, Sydney, Wellington, Taipei, Manila and Jakarta all rose.Seoul rallied more than two percent — pushing into a bull market after rising more than 20 percent from its recent low — as Lee Jae-myung won South Korea’s snap presidential election. The won gained around 0.3 percent.The poll was called after the impeachment of predecessor Yoon Suk Yeol over his brief martial law attempt and ended six months of political turmoil in the country.It has also raised hopes that Lee will introduce fresh measures to boost the export-dependent economy, which faces a hefty hit from Trump’s tariffs, particularly the huge levies on steel and aluminium.In his inauguration speech on Wednesday, the new president warned protectionism posed a threat to the country’s “survival”.On the campaign trail, Lee said Seoul needed to start tariff negotiations with Washington “immediately” but also stressed there was no need to “rush” a deal.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 1.0 percent at 37,834.66 (break)Hong Kong – Hang Seng Index: UP 0.5 percent at 23,619.76Shanghai – Composite: UP 0.3 percent at 3,371.20Euro/dollar: UP at $1.1377 from $1.1371 on TuesdayPound/dollar: UP at $1.3524 from $1.3518Dollar/yen: DOWN at 143.91 yen from 144.03 yenEuro/pound: UP at 84.13 pence from 84.11 penceWest Texas Intermediate: DOWN 0.3 percent at $63.20 per barrelBrent North Sea Crude: DOWN 0.3 percent at $65.45 per barrelNew York – Dow: UP 0.5 percent at 42,519.64 (close)London – FTSE 100: UP 0.2 percent at 8,787.02 (close)

The United States will double its tariffs on imported steel and aluminum starting Wednesday, according to the White House, as it published an order signed by President Donald Trump.The move marks a latest salvo in Trump’s trade wars, bringing levies on both metals from 25 percent to 50 percent.But tariffs on metal imports from the UK will remain at the 25 percent rate, while both sides work out duties and quotas in line with the terms of their earlier trade pact.Overall, the aim is to “more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States,” according to the order, which added that these undercut the competitiveness of US industries.”Increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminum articles and their derivative articles,” the order added.Trump announced his decision to hike tariffs on steel and aluminum when he addressed workers at a US Steel plant in Pennsylvania last week.”Nobody is going to be able to steal your industry,” he said at the time.”At 25 percent, they can sort of get over that fence. At 50 percent, they can no longer get over the fence,” he added.The move, however, fans tensions with key US trading partners.The European Union warned over the weekend that it was prepared to retaliate against levies.It said that the sudden announcement “undermines ongoing efforts to reach a negotiated solution” between the bloc and the United States.Already, Washington is in talks with various countries after Trump imposed sweeping 10 percent tariffs on almost all partners in April and announced even higher rates for dozens of economies.While the steeper levels have been paused during ongoing negotiations, this halt expires in early July — adding to urgency to reach trade deals.Since returning to the presidency in January, Trump has imposed sweeping tariffs on allies and adversaries alike in moves that have shaken financial markets.He has also imposed tariffs on sector-specific imports like autos, apart from targeting steel and aluminum.Mexico will request an exemption from the higher tariff, Economy Minister Marcelo Ebrard said, arguing that it is unfair because the United States exports more steel to Mexico than it imports.”It makes no sense to put a tariff on a product in which you have a surplus,” Ebrard said.Mexico is highly vulnerable to Trump’s trade wars because 80 percent of its exports go to the United States, its main trading partner.

Major stock markets rose and the dollar climbed Tuesday as investors kept tabs on the China-US trade war, with speculation swirling that the countries’ leaders will soon hold talks.After a period of relative calm on tariffs, US President Donald Trump accused Beijing last week of violating an earlier deal to temporarily lower staggeringly high tit-for-tat levies and unveiled plans to double tolls on steel and aluminium.”Trade tensions threatened a sharp sell-off on Monday, before news that President Trump and President Xi (Jinping) would speak on the phone helped to ease fears,” said Kathleen Brooks, research director at XTB. Hong Kong and Shanghai stock markets closed higher Tuesday, and Wall Street made solid gains.Trade Nation analyst David Morrison noted that investors had been largely brushing off negative news about the economy linked to Trump’s tariffs.”Many remain convinced that Mr Trump’s trade wars will soon come to an end, perhaps basing this view on ‘TACO’, or Trump Always Chickens Out,” he said.Europe’s main indices also pushed higher despite the collapse of the Dutch government.Far-right Dutch leader Geert Wilders withdrew his party from the government in a row over immigration, bringing down a shaky coalition and likely ushering in snap elections.It opens up a period of political uncertainty in the Netherlands — the European Union’s fifth-largest economy and a major exporter — as far-right parties make gains across the continent.The Netherlands is part of the eurozone, where official data on Tuesday showed the area’s inflation eased in May to its lowest level in eight months, back below the European Central Bank’s two-percent target.The ECB had already been widely expected to cut eurozone interest rates this week, putting pressure on the euro.Among companies, Nvidia shares gained 2.8 percent as it overtook Microsoft as the biggest US company by market value.- Growth downgrade -Overall, investors were focused on the United States and China.Officials from both sides are set for talks on the sidelines of an Organisation for Economic Cooperation and Development ministerial meeting Wednesday in Paris.The OECD on Tuesday slashed its 2025 growth outlook for the global economy to 2.9 percent from 3.1 percent previously expected.It also said the US economy would expand by 1.6 percent, down from an earlier estimate of 2.2 percent.The group noted that “substantial increases” in trade barriers, tighter financial conditions, weaker business and consumer confidence, as well as heightened policy uncertainty would all have “marked adverse effects on growth” if they persist.”For everyone, including the United States, the best option is that countries sit down and get an agreement,” OECD chief economist Alvaro Pereira told AFP.Data on Tuesday indicated Chinese factory activity shrinking at its fastest pace since September 2022.Also in focus was Trump’s signature “big, beautiful bill,” headlined by tax cuts slated to add up to $3.0 trillion to the nation’s debt at a time of heightened worries over the country’s finances.US senators have started what is certain to be fierce debate over the policy package, which partially covers an extension of Trump’s 2017 tax relief through budget cuts projected to strip health care from millions of low-income Americans.Crude prices rose on concerns that Canadian wildfires could impact oil supplies.- Key figures at around 2015 GMT -New York – Dow: UP 0.5 percent at 42,519.64 points (close)New York – S&P 500: UP 0.6 percent at 5,970.37 (close)New York – Nasdaq Composite: UP 0.8 percent at 19,398.96 (close)London – FTSE 100: UP 0.2 percent at 8,787.02 (close)Paris – CAC 40: UP 0.3 percent at 7,763.84 (close)Frankfurt – DAX: UP 0.7 percent at 24,091.62 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 37,446.81 (close)Hong Kong – Hang Seng Index: UP 1.5 percent at 23,512.49 (close)Shanghai – Composite: UP 0.4 percent at 3,361.98 (close)Euro/dollar: DOWN at $1.1371 from $1.1443 on MondayPound/dollar: DOWN at $1.3518 from $1.3548Dollar/yen: UP at 144.03 yen from 142.71 yenEuro/pound: DOWN at 84.11 pence from 84.46 penceBrent North Sea Crude: UP 1.6 percent at $65.63 per barrelWest Texas Intermediate: UP 1.4 percent at $63.41 per barrelburs-rl-bys/mlm

Major stock markets rose and the dollar climbed on Tuesday as investors kept tabs on the China-US trade war, with speculation swirling that the countries’ leaders will soon hold talks.After a period of relative calm on tariffs, US President Donald Trump accused Beijing at the weekend of violating last month’s deal to slash huge tit-for-tat levies and threatened to double tolls on steel and aluminium.”Trade tensions threatened a sharp sell-off on Monday, before news that President Trump and President Xi (Jinping) would speak on the phone helped to ease fears,” said Kathleen Brooks, research director at XTB. Hong Kong and Shanghai stock markets closed higher on Tuesday, and Wall Street’s major stock indices advanced in midday trading.Trade Nation analyst David Morrison noted that investors had been largely brushing off negative news about the economy linked to Trump’s tariffs.”Many remain convinced that Mr Trump’s trade wars will soon come to an end, perhaps basing this view on ‘TACO’, or Trump Always Chickens Out,” he said.Europe’s main indices also pushed despite the collapse of the Dutch government.Far-right Dutch leader Geert Wilders withdrew his party from the government in a row over immigration, bringing down a shaky coalition and likely ushering in snap elections.The withdrawal opens up a period of political uncertainty in the Netherlands — the European Union’s fifth-largest economy and a major exporter — as far-right parties make gains across the continent.The Netherlands is part of the eurozone, where official data on Tuesday showed the area’s inflation eased in May to its lowest level in eight months, back below the European Central Bank’s two-percent target.The ECB had already been widely expected to cut eurozone interest rates this week, putting pressure on the euro.The main Euronext Amsterdam stocks index initially slumped following the government collapse but closed the day with a small gain.- Growth downgrade -Focus was firmly on the United States and China.Officials from both sides are set for talks on the sidelines of an Organisation for Economic Cooperation and Development ministerial meeting in Paris on Wednesday.The OECD on Tuesday slashed its 2025 growth outlook for the global economy to 2.9 percent from 3.1 percent previously expected. It also said the US economy would expand 1.6 percent, down from an earlier estimate of 2.2 percent.The organisation noted that “substantial increases” in trade barriers, tighter financial conditions, weaker business and consumer confidence, as well as heightened policy uncertainty would all have “marked adverse effects on growth” if they persist.”For everyone, including the United States, the best option is that countries sit down and get an agreement,” OECD chief economist Alvaro Pereira told AFP.Data on Tuesday indicated Chinese factory activity shrinking at its fastest pace since September 2022.Also in focus was Trump’s signature “big, beautiful bill”, headlined by tax cuts slated to add up to $3.0 trillion to the nation’s debt at a time of heightened worries over the country’s finances.US senators have started what is certain to be fierce debate over the policy package, which partially covers an extension of Trump’s 2017 tax relief through budget cuts projected to strip health care from millions of low-income Americans.Crude prices rose on concerns that Canadian wildfires could impact oil supplies.- Key figures at around 1530 GMT -New York – Dow: UP 0.3 percent at 42,421.02 pointsNew York – S&P 500: UP 0.4 percent at 5,959.75 New York – Nasdaq Composite: UP 0.7 percent at 19,381.36London – FTSE 100: UP 0.2 percent at 8,787.02 (close)Paris – CAC 40: UP 0.3 percent at 7,63.84 (close)Frankfurt – DAX: UP 0.7 percent at 24,091.62 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 37,446.81 (close)Hong Kong – Hang Seng Index: UP 1.5 percent at 23,512.49 (close)Shanghai – Composite: UP 0.4 percent at 3,361.98 (close)Euro/dollar: DOWN at $1.1378 from $1.1443 on MondayPound/dollar: DOWN at $1.3520 from $1.3548Dollar/yen: UP at 143.86 yen from 142.71 yenEuro/pound: DOWN at 84.18 pence from 84.46 penceBrent North Sea Crude: UP 1.7 percent at $65.73 per barrelWest Texas Intermediate: UP 1.8 percent at $63.67 per barrelburs-rl/js