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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

Lawsuits, scandals, armed troops and a knife-wielding attacker all failed to deter Lee Jae-myung’s ascendancy from sweatshop worker to the cusp of South Korea’s presidency.After losing by a razor-thin margin in 2022, the left-leaning Democratic Party candidate is now poised to be elected head of state in a landslide, according to exit polls.Opponents decry Lee, 60, for his populist style.But his rags-to-riches personal story sets him apart from many of South Korea’s political elite.After dropping out of school to work at a factory to support his family, he suffered a disabling elbow injury in an industrial accident.He earned a scholarship to study law and passed the bar to become an attorney. Lee has used this origin story to cultivate a loyal support base and frame himself as understanding the struggles of the underprivileged.”You can worry about people outside shivering in the cold while you sit in your warm living room,” Lee told AFP in a 2022 interview.”But you can never really understand their pain.”Polls suggest Lee has won more than 50 percent of the vote — beating conservative challenger Kim Moon-soo of the People Power Party in a race triggered by the impeachment of former president Yoon Suk Yeol over his brief declaration of martial law in December.- Live-streaming a crisis -South Korea has experienced a leadership vacuum since lawmakers suspended Yoon for deploying armed troops to parliament in his failed attempt to suspend civilian rule.During the tense minutes following that move, Lee live-streamed his frantic scramble over the perimeter fence as he and other lawmakers rushed to vote down the martial law decree.”It was a race against time,” he recalled in an interview with AFP.Lee previously served as mayor of Seongnam, south of Seoul, for eight years.In that role, he helped shut down what had been the country’s largest dog meat market — ending a trade that had once involved 80,000 canines a year.He later served as governor of Gyeonggi Province — the country’s most populous region surrounding the capital — for more than three years.Lee lost his 2022 bid for the presidency to Yoon by one of the smallest margins in South Korean history.In 2024, he was stabbed in the neck by a man posing as a supporter and was airlifted to hospital for emergency surgery.The attacker later confessed that his intention was to kill Lee to prevent him from becoming president.If elected, Lee has vowed, among other things, to boost South Korea’s artificial intelligence industry, with the goal of making the country one of the top three global leaders in the field.He has also called for holding those involved in the martial law attempt accountable — promising to “bring insurrection elements to justice”.During his early days in politics, Lee drew criticism for his confrontational attacks on political opponents.But Kim Hye-kyung, his wife of 34 years with whom he shares two children, insists Lee speaks with “deliberation”.”He’s someone who’s come up from the margins, from the very bottom,” she said in a 2017 interview.”Just like how a flea has to jump to be noticed, I hope people can understand and view him in that context.”- Legal troubles -Lee has been dogged by legal troubles of his own, including allegations of corruption tied to a real estate development and violations of election law through the dissemination of false information.He has denied any wrongdoing, insisting the charges are politically motivated.In early May, Seoul’s Supreme Court overturned a lower court’s acquittal of Lee on election law charges and ordered a retrial.But with the election looming, the Seoul High Court postponed the proceedings until after the June 3 vote.If Lee wins, legal experts say the proceedings would be suspended due to presidential immunity, and would only resume after his single five-year term ends in 2030.Lee’s opponents argue the charges are serious enough to disqualify him from running.”With these kinds of corruption allegations, how can you seek public office?” Kim Moon-soo, his main rival in the election, said during a recent televised debate.

Major stock markets diverged 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,” noted Kathleen Brooks, research director at XTB. “However, there is a risk-off tone… after news that the Dutch governing coalition had collapsed, along with signs of weakness in the world’s two largest economies.”Hong Kong and Shanghai stock markets closed higher on Tuesday, while Europe’s top indices mostly steadied in midday deals.Far-right Dutch leader Geert Wilders withdrew his party from the government on Tuesday 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 major exporter — as far-right parties make gains across the continent.The Netherlands is part of the eurozone and 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 was down 0.3 percent.Elsewhere, oil prices inched higher following Monday’s surge. That came after OPEC+ hiked output less than expected and a Ukrainian strike on Russian bombers parked deep inside the country stoked geopolitical concerns.- 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 Co-operation 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 will 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.Wall Street saw tech-led gains on Monday in the wake of forecast-beating earnings from chip titan Nvidia.US Commerce Secretary Howard Lutnick voiced optimism on Monday over a trade deal with India “in the not too distant future”.Also in focus was Trump’s signature “big, beautiful bill”. It is 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.- Key figures at around 1030 GMT -London – FTSE 100: FLAT at 8,775.31 pointsParis – CAC 40: DOWN 0.2 percent at 7,720.07Frankfurt – DAX: UP 0.2 percent at 23,975.16Tokyo – 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)New York – Dow: UP 0.1 percent at 42,305.48 points (close)Euro/dollar: DOWN at $1.1405 from $1.1443 on MondayPound/dollar: DOWN at $1.3513 from $1.3548Dollar/yen: UP at 142.98 yen from 142.71 yenEuro/pound: DOWN at 84.41 pence from 84.46 penceBrent North Sea Crude: UP 0.1 percent at $64.72 per barrelWest Texas Intermediate: UP 0.1 percent at $62.59 per barrel

Most markets rose Tuesday as investors kept tabs on developments in the China-US trade war as speculation swirled that the countries’ leaders will hold talks soon.After a period of relative calm on tariffs, Donald Trump at the weekend accused Beijing of violating last month’s deal to slash huge tit-for-tat levies and threatened to double tolls on steel and aluminium.The moves jolted Asian markets on Monday, but hopes that the US president will speak with Chinese counterpart Xi Jinping — possibly this week — has raised hopes for a positive outcome.Meanwhile, oil prices extended Monday’s surge after Ukraine’s strike on Russian bombers parked deep inside the country stoked geopolitical concerns.Trump has expressed confidence a talk with Xi could ease tensions, even after his latest volley threatened their weeks-old tariff truce.”They violated a big part of the agreement we made,” he said Friday. “But I’m sure that I’ll speak to President Xi, and hopefully we’ll work that out.”It is unclear if Xi is keen on a conversation but Trump’s economic adviser Kevin Hassett signalled on Sunday that officials were anticipating something this week.US Treasury Secretary Scott Bessent — who last week warned negotiations with China were “a bit stalled” — said at the weekend the leaders could speak “very soon”.Officials from both sides are set for talks on the sidelines of an Organisation for Economic Co-operation and Development ministerial meeting in Paris on Wednesday.The OECD slashed on Tuesday 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, from an earlier estimate of 2.2 percent.It warned “substantial increases” in trade barriers, tighter financial conditions, weaker business and consumer confidence, as well as heightened policy uncertainty will 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.While there has been no movement on the issue, investors were largely upbeat.Hong Kong gained more than one percent while Shanghai returned from a long weekend with gains, even as data indicated Chinese factory activity shrinking at its fastest pace since September 2022.There were also gains in Sydney, Taipei, Bangkok, Jakarta and Manila, while London was flat.Tokyo, Singapore, Wellington and Mumbai retreated with Paris and Frankfurt. Seoul was closed for a presidential election.- Deals queued up? -The advances followed tech-led gains on Wall Street in the wake of forecast-beating earnings from chip titan Nvidia.Still, National Australia Bank’s Rodrigo Catril remained nervous, writing in a commentary: “The lift in tariffs is creating another layer of uncertainty and tension.”European articles suggest the lift in tariffs doesn’t bode well for negotiations with the region (and) UK steelmakers call Trump doubling tariffs ‘another body blow’.”He added: “The steel and aluminium tariffs also apply to Canada, so they will likely elicit some form of retaliation from there and while US-China trade negotiations are deteriorating due to rare earth, student visas and tech restrictions, steel tariffs will also affect China.”US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal with India “in the not too distant future”, while Japanese trade point man Ryosei Akazawa is eyeing another trip to Washington for more negotiations.Also in focus is Trump’s signature “big, beautiful bill” that is headlined by tax cuts slated to add up to $3 trillion to the nation’s debt at a time of heightened worries over the country’s finances.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.Oil prices extended Monday’s surge that saw West Texas Intermediate briefly jump five percent on concerns about an escalation of the Russia-Ukraine conflict and suggestions Washington could hit Moscow with stricter sanctions.That compounded news that the OPEC+ producers’ grouping had agreed a smaller-than-expected increase in crude production.- Key figures at around 0810 GMT -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)London – FTSE 100: FLAT at 8,770.55 Euro/dollar: DOWN at $1.1420 from $1.1443 on MondayPound/dollar: DOWN at $1.3521 from $1.3548Dollar/yen: UP at 142.90 yen from 142.71 yenEuro/pound: DOWN at 84.45 pence from 84.46 penceWest Texas Intermediate: UP 0.9 percent at $63.11 per barrelBrent North Sea Crude: UP 0.9 percent at $65.18 per barrelNew York – Dow: UP 0.1 percent at 42,305.48 points (close)

The OECD slashed its annual global growth forecast on Tuesday, warning that US President Donald Trump’s tariffs blitz would stifle the world economy — hitting the United States especially hard.After 3.3-percent growth last year, the world economy is now expected to expand by a “modest” 2.9 percent in 2025 and 2026, the Paris-based Organisation for Economic Co-operation and Development said.In its previous report in March, the OECD had forecast growth of 3.1 percent for 2025 and 3.0 percent for 2026.Since then, Trump has launched a wave of tariffs that has rattled financial markets.”The global outlook is becoming increasingly challenging,” said the OECD, an economic policy group of 38 mostly wealthy countries.It said “substantial increases” in trade barriers, tighter financial conditions, weaker business and consumer confidence, and heightened policy uncertainty will all have “marked adverse effects on growth” if they persist.The OECD downgraded its 2025 growth forecast for the United States from 2.2 percent to 1.6 percent.The world’s biggest economy is expected to slow further next year to 1.5 percent.Trump, who has insisted that the tariffs would spark a manufacturing revival and restore a US economic “Golden Age”, posted on his Truth Social platform before the OECD report’s publication: “Because of Tariffs, our Economy is BOOMING!”The OECD holds a ministerial meeting in Paris on Tuesday and Wednesday.US and EU trade negotiators are expected to hold talks on the sidelines of the gathering after Trump threatened to hit the European Union with 50-percent tariffs.The Group of Seven advanced economies is also holding a meeting focused on trade.”For everyone, including the United States, the best option is that countries sit down and get an agreement,” OECD chief economist Alvaro Pereira said in an interview with AFP.”Avoiding further trade fragmentation is absolutely key in the next few months and years,” Pereira said.Trump imposed in April a baseline tariff of 10 percent on imports from around the world. He unveiled higher tariffs on dozens of countries but has paused them until July to allow time for negotiations.The US president has also imposed 25-percent tariffs on cars and now plans to raise those on steel and aluminium to 50 percent on Wednesday.- US slowdown -In the OECD report, Pereira warned that “weakened economic prospects will be felt around the world, with almost no exception”.He added that “lower growth and less trade will hit incomes and slow job growth”.The outlook “has deteriorated” in the United States after the economy expanded by a robust 2.8 percent last year, the report said.The effective tariff rate on US merchandise imports has gone from two percent in 2024 to 15.4 percent, the highest since 1938, the OECD said.The higher rate and policy uncertainty “will dent household consumption and business investment growth”, the report said.The OECD also blamed “high economic policy uncertainty, a significant slowdown in net immigration and a sizeable reduction in the federal workforce”.While annual inflation is expected to “moderate” among the Group of 20 economies to 3.6 percent in 2025 and 3.2 percent in 2026, the United States is “an important exception”.US inflation is expected to accelerate to just under four percent by the end of the year, two times higher than the Federal Reserve’s target for consumer price increases.- Rising risks -The OECD slightly reduced its growth forecast for China — which was hit with triple-digit US tariffs that have been temporarily lowered — from 4.8 to 4.7 percent this year.Another country with a sizeable downgrade is Japan. The OECD cut the country’s growth forecast from 1.1 percent to 0.7 percent.The outlook for the eurozone economy, however, remains intact at one-percent growth.”There is the risk that protectionism and trade policy uncertainty will increase even further and that additional trade barriers might be introduced,” Pereira wrote.”According to our simulations, additional tariffs would further reduce global growth prospects and fuel inflation, dampening global growth even more,” he said.

Asian stocks rallied Tuesday as investors kept tabs on developments in the China-US trade war amid speculation the countries’ leaders will hold talks soon.After a period of relative calm on the tariff front, Donald Trump at the weekend accused Beijing of violating last month’s deal to slash huge tit-for-tat levies and threatened to double tolls on steel and aluminium.The moves jolted Asian markets on Monday, but hopes that the US president will speak with Chinese counterpart Xi Jinping — possibly this week — has given investors some hope for a positive outcome.Meanwhile, oil prices extended Monday’s surge on a weak dollar and Ukraine’s strike on Russian bombers parked deep inside the country that stoked geopolitical concerns as well as stuttering US-Iran nuclear talks.Trump has expressed confidence that a talk with Xi could ease trade tensions, even after his latest volley against the Asian superpower threatened their weeks-old tariff truce.”They violated a big part of the agreement we made,” he said Friday. “But I’m sure that I’ll speak to President Xi, and hopefully we’ll work that out.”It is unclear if Xi is keen on a conversation — the last known call between them was in the days before Trump’s inauguration in January — but the US president’s economic adviser Kevin Hassett signalled on Sunday that officials were anticipating something this week.US Treasury Secretary Scott Bessent — who last week warned negotiations with China were “a bit stalled” — said at the weekend the leaders could speak “very soon”.Officials from both sides are set for talks on the sidelines of an Organisation for Economic Co-operation and Development (OECD) ministerial meeting in Paris on Wednesday.While there has been no movement on the issue, investors took the opportunity on Tuesday to pick up recently sold shares.Hong Kong gained more than one percent while Shanghai returned from a long weekend on the front foot.There were also gains in Tokyo, Sydney, Wellington, Singapore, Taipei and Manila. Seoul was closed for a presidential election.- Deals queued up? -The advances followed a positive day on Wall Street led by tech giants in the wake of a forecast-beating earnings report from chip titan Nvidia.Still, National Australia Bank’s Rodrigo Catril remained nervous after Trump’s latest salvos.”The lift in tariffs is creating another layer of uncertainty and tension,” he wrote in a commentary.”European articles suggest the lift in tariffs doesn’t bode well for negotiations with the region (and) UK steelmakers call Trump doubling tariffs ‘another body blow’,” he added.”The steel and aluminium tariffs also apply to Canada, so they will likely elicit some form of retaliation from there and while US-China trade negotiations are deteriorating due to rare earth, student visas and tech restrictions, steel tariffs will also affect China.”Separately, US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal with India “in the not too distant future”, adding that he was “very optimistic”.And Japanese trade point man Ryosei Akazawa is eyeing another trip to Washington for more negotiations amid speculation of a deal as early as this month.Also in focus is Trump’s signature “big, beautiful bill” that is headlined by tax cuts slated to add up to $3 trillion to the nation’s debt.Senators have started weeks of what is certain to be fierce debate over the mammoth 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.Oil prices extended Monday’s surge that saw West Texas Intermediate briefly jump five percent on concerns about an escalation of the Russia-Ukraine conflict and suggestions Washington could hit Moscow with stricter sanctions.That compounded news that the OPEC+ producers’ grouping had agreed a smaller-than-expected increase in crude production.Traders were also monitoring tensions over Iran’s nuclear programme after Tehran said it would not accept an agreement that deprives it of what it calls “peaceful activities”.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.2 percent at 37,546.85 (break)Hong Kong – Hang Seng Index: UP 1.2 percent at 23,425.37Shanghai – Composite: UP 0.2 percent at 3,352.06Euro/dollar: DOWN at $1.1431 from $1.1443 on MondayPound/dollar: DOWN at $1.3532 from $1.3548Dollar/yen: UP at 143.05 yen from 142.71 yenEuro/pound: UP at 84.48 pence from 84.46 penceWest Texas Intermediate: UP 1.0 percent at $63.16 per barrelBrent North Sea Crude: UP 0.9 percent at $65.22 per barrelNew York – Dow: UP 0.1 percent at 42,305.48 points (close)London – FTSE 100: FLAT at 8,774.26 (close)

Oil prices surged Monday over renewed concerns about Russia’s war in Ukraine and relief over OPEC+ production, while stock markets were mixed as US-China trade tensions resurfaced after a brief lull.The dollar was under renewed pressure as traders digested US President Donald Trump’s recent threats to double steel and aluminum tariffs, while Wall Street’s main stock indices closed higher as traders looked through the trade turbulence to the strong earnings from US tech titans including Nvidia.”I think we are seeing a bit of continuation of the positive interpretation of the market from Nvidia’s earnings,” Angelo Kourkafas from Edward Jones told AFP, referring to the chip firm’s recent strong results. “Artificial intelligence remains a powerful driver for earnings,” he continued, adding that the financial markets had become “a little insensitive” to the constant tariff threats from the White House.European stock markets finished mostly in the red, though London ended the day up less than 0.1 percent.- Fresh US-China tensions -Trump reignited tensions with China last week when he accused the world’s second-largest economy of violating a deal that had led both countries to temporarily reduce huge tit-for-tat tariffs.Beijing rejected the “bogus” US claims on Monday and accused Washington of introducing “a number of discriminatory restrictive measures” against China in the weeks since the two sides brokered a trade truce in Geneva last month.Trump also ramped up tensions with other trade partners, including the European Union, by vowing to double global tariffs on steel and aluminum to 50 percent from Wednesday.”Trump’s pledge to double steel and aluminium import tariffs have caused fresh uncertainty, especially with the European Union vowing to retaliate against the measures,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.”Negotiations between the US and China also appear to be in disarray,” she added. The two sides are set for talks on the sidelines of an Organisation for Economic Co-Operation and Development (OECD) ministerial meeting in Paris on Wednesday.The Hong Kong and Tokyo stock markets both ended with sizeable losses Monday. Shanghai was shut for a Chinese public holiday.- Oil rises -Oil prices surged Monday, with the main US contract, the West Texas Intermediate (WTI), briefly jumping five percent before settling up 2.9 percent on the news that the OPEC+ producers’ grouping — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman — agreed on a smaller-than-expected increase in crude production.”Prices were also lifted by the increased military activity between Ukraine and Russia reported over the weekend,” said David Morrison, senior market analyst at financial services firm Trade Nation.”In addition, there were reports that the US may impose stricter sanctions on Moscow, and this helped boost prices,” he added. Ukraine said Sunday that it hit dozens of strategic Russian bombers parked at airbases far behind the front line.Traders were also monitoring tensions over Iran’s nuclear program after Tehran said it would not accept an agreement that deprives it of what it calls “peaceful activities.”- Key figures at around 2030 GMT -New York – Dow: UP 0.1 percent at 42,305.48 points (close)New York – S&P 500: UP 0.4 percent at 5,935.94 (close)New York – Nasdaq Composite: UP 0.7 percent at 19,242.61 (close)Paris – CAC 40: DOWN 0.2 percent at 7,737.20 (close)Frankfurt – DAX: DOWN 0.3 percent at 23,930.67 (close)London – FTSE 100: UP less than 0.1 percent at 8,774.26 (close)Tokyo – Nikkei 225: DOWN 1.3 percent at 37,470.67 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 23,157.97 (close)Shanghai – Composite: Closed for a holidayEuro/dollar: UP at $1.1443 from $1.1349 on FridayPound/dollar: UP at $1.3548 from $1.3463Dollar/yen: DOWN at 142.71 yen from 143.97 yenEuro/pound: UP at 84.46 pence from 84.30 penceBrent North Sea Crude: UP 3.0 percent at $64.63 per barrelWest Texas Intermediate: UP 2.9 percent at $62.52 per barrelburs-da/sla

When his conservative South Korean party bowed to show remorse for ex-president Yoon Suk Yeol’s disastrous martial law decree, Kim Moon-soo sat alone and resolute in symbolic non-apology.The moment catapulted the labour activist-turned-lawmaker to fame that he now hopes to harness to become South Korea’s next president.”He’s essentially a presidential candidate that social media gave birth to,” Jeongmin Kim, executive director at the Korea Risk Group, told AFP.Internet users dubbed him “stubborn Moon-soo” in approval of the move, which helped drive a small uptick in his beleaguered party’s approval ratings.Yet the People Power Party (PPP) — Yoon’s former party — wasn’t always so keen on Kim Moon-soo’s candidacy.The PPP selected, unselected, and then selected him again as its nominee in a high-profile bout of infighting.It was symbolic of the turbulence that has rocked the party since Yoon’s botched bid to suspend civilian rule in December.On the campaign trail, Kim, 73, has sought to distance himself from the ousted president, who became the second conservative leader to be stripped of office, after Park Geun-hye in 2017.Kim offered his first apology “to the people suffering from the consequences of martial law” last month.”Martial law has not only made the economy and domestic politics difficult but has also caused significant challenges in exports and diplomatic relations,” he told South Korean media.Korea Risk Group’s Jeongmin Kim called the PPP’s candidate a “chameleon-like politician capable of political survival”.- Shift to the right -Born into a large family in North Gyeongsang province, about 300 kilometres (185 miles) from Seoul, Kim grew up in poverty after his father’s co-signing of a loan plunged them into debt.Kim was politically active by his final year of high school, when he was suspended for protesting against military leader President Park Chung-hee.He attended South Korea’s most prestigious university but started working in factories while studying for his degree and organising labour unions.He was arrested twice in the 1980s, first on charges of violating the Anti-Communism Law, and later under the National Security Act. Kim spent more than two-and-a-half years in prison and wrote in his biography about enduring electric shock and water torture.He was pardoned in 1988 and was stunned to find the country thriving.”My prediction that South Korean capitalism would eventually fail proved wrong,” Kim wrote in his biography, with the collapse of the Soviet Union also upending his world view and leading him to join the conservative party.Kim was elected to parliament in 1996 and later served two terms as governor of Gyeonggi province, South Korea’s most populous region.After being accused but not charged in an abuse of power scandal in 2011, Kim found his footing again among hard-right conservatives.His popularity with his party’s hard line was bolstered by his attempt to revise history textbooks in ways seen as favourable to former colonial power Japan, plus a high-profile fine for attending a church service during the Covid-19 pandemic.He was appointed labour minister by Yoon in 2024 and was widely seen as part of the disgraced leader’s inner circle.- ‘Written a miracle’ – Polls showed Kim trailing by at least 10 percentage points behind the opposition leader Lee Jae-myung and he was unable to convince third-place candidate, Lee Jun-seok of the Reform Party, to merge forces and make the election competitive.With polls opening on Tuesday, “the question is to what extent can candidate Kim Moon-soo narrow the gap”, said Heo Jin-jae, research director at Gallup Korea.”Any remarks that offend public sentiment could cost the candidates votes,” Heo said.Another key question is whether he can win over moderates.”The conservative base in South Korea is ideologically broad and Kim Moon-soo’s political character is quite distinct,” Kang Joo-hyun, a professor at Sookmyung Women’s University, told AFP.”Among moderates or pragmatists on the right, there’s hesitation about whether they can fully back him,” said Kang.In response to the sceptics, Kim recently recalled his last-minute victory in 1996, when he successfully ran for parliament.”You didn’t think I would become the (final) candidate, did you? Neither did I,” Kim told reporters on his first day of campaigning. “But we have written a miracle.”