Bloomberg News Now May 30, 2025: Hegseth Warns on China, S&P Best Month Since ’90, More
May 31, 2025
Tensions rise as the U.S. Defense Secretary calls for increased Asian defense spending due to China's aggression towards Taiwan. The S&P 500 experiences its best month since 1990, showcasing impressive market resilience. Insights on Trump’s steel tariffs shed light on trade dynamics and economic prospects. Corporate challenges emerge, with potential union negotiations at Microsoft and hurdles in Ford's EV battery initiatives. The episode also honors a beloved actress, while the wider financial landscape remains in focus.
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Boost Defense Spending Urgently
- U.S. Defense Secretary Pete Hegseth urged Asian partners to increase defense spending to 5% of GDP.
- He warned against deepening economic ties with China while encouraging stronger U.S. defense relations.
S&P 500 Best Month Since 1990
- The S&P 500 index recorded its best monthly gain since 1990, rising 6%.
- Market movements were driven by tariff-related headlines, with fundamentals expected to dominate after trade clarity.
Raise Steel Tariffs to Protect Jobs
- President Trump announced raising steel tariffs from 25% to 50% to protect American steelworkers.
- He supports an expected U.S.-Japan steel deal to keep U.S. steel firms owned and operated domestically.