President Donald Trump once again shook global commerce on Friday when he announced a doubling of global steel and aluminum tariffs to 50% and accused China of breaking a bilateral agreement to reduce duties.

The US President has accused China of breaking an agreement to reduce tariffs and trade restrictions on vital minerals, claiming China was in "grave economic danger" before agreeing to a deal earlier this month. As a result of his 145 percent tariffs on Chinese imports, the US leader said that China could no longer deal with the US market, leading to factory closures and "civil unrest" in the nation.

He also said that the country has violated a deal to suspend most tariffs for 90 days. He hinted that he might speak directly with President Xi to try to resolve things, but for now, no new actions or penalties have been officially announced.

Posting on his Truth Social platform on Friday evening, Trump said he made a “fast deal” with China for both countries to back away from triple-digit tariffs for 90 days to “save” Beijing from a “very bad situation”.

“China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!” Trump added.


Source Truth Social

Trump did not explain in his statement how the Chinese had broken the agreement, which was reached after trade negotiations in Geneva, Switzerland, in mid-May, or what steps he intended to take on their obvious noncompliance.

Trump to double steel tariffs

President Donald on Friday told Pennsylvania steelworkers he’s doubling the tariff on steel imports to 50% to protect their industry. a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods. He said both tariff hikes would go into effect on Wednesday (June 4, 2025). Now the question arises will this decision impact the US steel and metal stock. In the coming month there are a lot more chances to see a definite up and down in the US and other countries' economies.

The steel and other metal industries will get impacted with the coming trade tariff and tensions.

Crypto Market Shakes as the Trade War Tension Arise

US stock market futures fall sharply as the news spreads like fire. The tariff policy has unsettled the crypto markets, with the flagship cryptocurrency Bitcoin (BTC) falling to $104,684.72, its lowest level in seven days, after climbing to a record high of $111,970.17 last week. While Ethereum falls to $2,553, XRP declines to $2.16, and Dogecoin plummets 9.86% to $0.1976. The selloff was seen just after the US-China trade talks and resulted in over $683 million in liquidations across the crypto market.

The main cause of today's fall was the US-China discussions on tariff. Investor sentiment was lowered and global markets began to exhibit risk-off behavior after US Treasury Secretary Scott Bessent confirmed that trade talks with China had halted. Because of their association with risky assets, bitcoin values have historically been affected by this geopolitical uncertainty.



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