Market Talks covering the impact of U.S. Politics and White House policies on companies and markets. Published exclusively on Dow Jones Newswires throughout the day.

0107 ET - U.K. steel companies fear orders will be cancelled after President Trump increased tariffs on the metal to 50%, from 25% effective Wednesday, trade association UK Steel said. The U.S. is the country's second biggest export market, worth about 400 million pounds, and represents 9% of export value, UK Steel says. "Uncertainty remains as to whether and when our second biggest export market will be open for business or is being firmly shut in our faces," UK Steel Director-General, Gareth Stace said. (ian.walker@wsj.com.)

2220 ET - Major Japanese manufacturers, such as Toyota Motor and Nippon Steel, will likely overcome the negative impact of Trump's tariffs in the next two to three years, according to Rakuten Securities strategist Masayuki Kubota. "If [Nippon Steel's acquisition of U.S. Steel] is realized, it would increase Nippon Steel's production in the U.S., which would in turn increase Toyota and other Japanese automakers' procurement in the U.S. and help mitigate the impact of U.S. tariffs on auto, steel and aluminum," Kubota says in a research note. He adds that it might be difficult for Japan to win an exemption from those tariffs, although it could avoid additional so-called reciprocal tariffs other than a 10% baseline duty. (megumi.fujikawa@wsj.com)

2209 ET - BlueScope Steel shares rise 7% to A$24.33, extending a year-to-date rally fueled by bets that it will benefit from U.S. tariffs on steel imports. The Australian steelmaker runs the North Star mini-mill in Ohio and the U.S. is its top region for growth. BlueScope is working to boost volumes at North Star by another 10% following the completion of an expansion that increased output by nearly 50%. Trump on Friday threatened to double tariffs on imports of steel and aluminum, stoking renewed interest among buyers of BlueScope's stock. Trump said tariffs on the two metals would increase to 50% from the current 25%, effective June 4. (david.winning@wsj.com; @dwinningWSJ)

2036 ET - Asian currencies consolidate against the dollar in the morning session, but may be buoyed by President Trump's announcement to double U.S. tariffs on imports of steel and aluminum to 50% from June 4. "The USD is at the lower end of fair value, according to our metrics," three members of CBA's Global Economic & Markets Research say in a research report. "The risk is U.S. trade policy changes pull the USD below the fair value range," the members add. The ICE USD Index is down 0.1% at 99.20; USD/JPY edges 0.1% lower to 143.67; USD/PHP is little changed at 55.80. (ronnie.harui@wsj.com)

1944 ET - Gold rises in the early Asian session after President Trump on Friday threatened to double tariffs on imports of steel and aluminum. Trump said tariffs on the two metals would increase to 50% from the current 25%, effective June 4. The move could enhance the safe-haven appeal of the precious metal. Gold's outlook remains volatile, and future movements will mostly depend on the evolution of U.S. trade policy and signals from the Fed, says Antonio Di Giacomo, financial markets analyst for LATAM at XS.com, in an email. Spot gold is 0.7% higher at $3,312.07/oz. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

June 02, 2025 01:08 ET (05:08 GMT)

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