CNBC Business News Update Market Midday: Stocks Mixed, June Trading Begins, China Trade War Fears, Steel Users Hurt By New Tariffs 6/2/25
Jun 2, 2025
The latest market update reveals mixed stock performances amid rising U.S.-China trade tensions. The potential impacts on major players like Caterpillar and NVIDIA are discussed. Additionally, increased steel tariffs are causing ripple effects across various industries. The conversation also touches on updates related to Social Security and significant legal changes affecting retail. Tune in for expert analysis on how these factors could influence your financial decisions.
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Market Mixed Amid China Tensions
- Market opened mixed due to rising tensions in the US-China trade relationship.
- Treasury yields rose slightly as China accused the U.S. of violating the trade deal.
Steel Tariffs Hurt Users More
- Trump doubled tariffs on imported steel to 50%, provoking threats of retaliation from Europe and others.
- Steel producers gain, but users like manufacturers face higher costs and probable job losses.
Loan Garnishments Impact Checks
- Social security checks may decrease starting this June due to resumption of student loan garnishments.
- The US government restarted collections after a five-year pandemic halt, affecting wages of non-payers.