GET DAILY REPORT FREE
Getting ready: The EU is preparing countermeasures after surprise U.S. steel tariffs disrupted markets and trade talks. While leaders agreed to accelerate negotiations, the EU warned it will also speed up defensive actions if no deal is reached, according to European Commission spokesperson Olof Gill. Read more from the Associated Press.
Grappling with costs: Major retailers like Walmart, Target, and Costco are raising prices to offset tariffs, citing supply chain strain and profit pressure. Some openly blame tariffs; others cite “macroeconomic uncertainty.” Many others, including Best Buy and Macy’s, have cut profit forecasts or withdrawn guidance amid ongoing trade policy unpredictability under President Trump. See a roundup of brands raising prices from CNBC.
Edging down: U.S. manufacturing contracted for a third straight month in May and suppliers took longer to deliver inputs amid tariffs, potentially signaling looming shortages of some goods. The Institute for Supply Management said on Monday that its manufacturing PMI edged down to a six-month low of 48.5 last month from 48.7 in April. A PMI reading below 50 indicates contraction in the manufacturing sector, which accounts for 10.2% of the economy. Read more from Reuters.
