Bloomberg News Now May 23, 2025: Trump Stuns with US Steel-Nippon Deal, New Tariffs, More
May 24, 2025
Recent news features President Trump's surprising steel partnership with Japan's Nippon Steel, stirring market reactions and raising concerns over potential new tariffs. Trade tensions with the EU add to the complexity of this situation. In agriculture, reports indicate a sluggish recovery in the cattle sector, with falling feedlot numbers and surging beef prices. Corporate developments also take center stage, providing insights into the stock market's performance amidst these shifting dynamics.
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Surprising US Steel-Nippon Deal
- The US Steel and Nippon Steel partnership surprised markets by potentially keeping US Steel American-owned. - Despite no explicit endorsement of a takeover, US Steel shares surged 26%, showing optimism.
Trump's Tariff Escalation Impact
- Trump announced a 50% tariff threat on the European Union with a potential 25% tariff on all foreign-made smartphones. - The escalation in tariffs is causing uncertainty for markets and complicating business operations.
Harvard Dispute Highlights Funding
- Harvard sued the Trump administration after the government tried to block international students. - Trump criticized Harvard's large endowment while highlighting that the country still funds student loans.