Bloomberg Surveillance Bloomberg Surveillance TV: June 2, 2025
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Jun 2, 2025 The podcast tackles the implications of President Trump's plan to double steel tariffs, stirring debates on consumer and business impacts. Insights into the ongoing U.S.-China trade tensions reveal possible stalling negotiations. Economists assess the U.S. economic outlook, raising concerns about a potential recession. Discussions also cover corporate earnings that exceed expectations, shedding light on market resilience amidst trade uncertainties, while budget negotiations in D.C. highlight their effects on global currency dynamics.
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Steel Tariffs Protect US Industry
- Raising steel tariffs to 50% aims to protect the U.S. steel industry from cheap foreign imports, especially from China. - Despite concerns, tariff effects on downstream industries' prices are minimal while reducing imports significantly.
US-China Trade Tensions Persist
- U.S.-China trade tensions persist despite tariff reductions, with baseline issues unresolved. - High-tech export restrictions on China are likely to remain permanent, limiting agreement prospects.
Fed's Caution Amid Inflation Concerns
- Inflation may not decline much further due to less favorable base effects and tariffs increasing prices. - The Fed remains cautious, unlikely to cut rates this year despite optimistic internal voices.