Tariff Escalation: President Trump announced a doubling of tariffs on imported steel and aluminum from 25% to 50%, citing China's alleged breach of a recent trade agreement. China's Response: China refuted the allegations, accusing the U.S. of undermining the Geneva agreement by imposing new sanctions. Economic Impact: The OECD has downgraded its U.S. growth forecast from 2.8% to 1.6% for 2025, attributing the decline to the escalating trade tensions. Market Reactions: Wall Street experienced declines, with the Dow Jones falling over 200 points. Conversely, steel stocks surged, while automakers like Ford and General Motors saw significant drops. reuters.com Upcoming Talks: A call between President Trump and President Xi Jinping is expected this week, aiming to address and potentially de-escalate the renewed tensions.
