Tidbits, Tariffs, China Deals, International Trade, Broilers & Ethanol 6/5/25
- Wright team
- Jun 5
- 5 min read
Tidbits
U.S. crude oil inventories dropped more than expected last week, it is about 7% below the five-year average, with the weekly production held steady.
President Donald Trump has signed an order doubling tariffs on steel and aluminium imports from 25% to 50%. Trump has said the measures, which came into effect on Wednesday, are intended to secure the future of the American steel industry. There has been no retaliation from the EU yet, they had warned of countermeasures over the steel tariff hike.
President Trump criticized China, calling President Xi Jinping "VERY TOUGH" and "extremely hard to make a deal with," reflecting growing U.S. frustration amid a trade stalemate. This follows accusations that China violated an agreement to reduce tariffs and trade restrictions, with delays from China's Vice Premier on key export reforms agreed upon in mid-May. Despite the Geneva framework aimed at unlocking mineral export licenses, Beijing has shown little follow-through, while U.S. officials privately accuse China of "slow-walking" commitments. Beijing denies stalling, accusing Washington of "weaponizing trade policy," as tensions rise ahead of July’s review when tariffs could be reimposed if progress is not made.
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