Tuesday 3rd June 2025

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President Trump clearly has no intention to roll back on his doubling of steel tariffs on Wednesday. On Truth Social this morning he declared that he didn’t want America’s future to be built with “shoddy steel” from Shanghai, rather than the “strength and pride” of Pittsburgh steel. NAB’s Rodrigo Catril says all this uncertainty will slow the economy, evidenced by weakness in the May ISM data for the US. Tonight’s JOLTs data will be particularly interesting. So far employers have been holding off with new hires, whilst employees are reluctant to switch jobs; all driven by uncertainty. The question is, as time goes on, which way does the labour market go? And will we get any hint of it today?

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