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President Trump raised global steel tariffs to 50% Friday, upsetting EU trade negotiators but benefitting US steel stocks.
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Boeing stock won an upgrade to buy this morning on the company’s surprising role in US trade negotiations.
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10:25 am
U.S. ISM (Institute for Supply Management) data show a third straight month of decline for the U.S. in May. This index broadly describes whether manufacturing activity in the U.S. is expanding (over 50) or contracting (under 50). From a recent high of 50.3 in February (still expanding), the index has steadily moved lower: 49 in March, 48.7 in April, and now 48.5 in May.
Analysts were forecasting a May reading of 49.1, but instead, things got worse. The Dow Jones Industrial Average is responding by turning even redder, now down 0.6% in morning trading.
This article will be updated throughout the day, so check back often for more daily updates.
President Trump announced Friday that he will double tariffs on global steel imports to 50%. European exporters are particularly upset, with an EU spokesperson warning “this decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic.”
Domestically, the reaction is mixed. US steel companies like Nucor (NYSE: NUE) and Steel Dynamics (Nasdaq: STLD) are trading higher, with shares up about 12% each in the premarket. The broader Dow Jones Industrial Average (DJINDICES: ^DJI), however, is trading down 0.3% premarket.
Meanwhile, trade negotiations with China are on the rocks once again. Last week President Trump accused China of reneging on unspecified trade commitments, prompting the Chinese to level similar accusations against the U.S. A call between President Trump and Chinese President Xi Jinping, expected to take place later this week, could either help or hurt
For now, the situation just remains unsettled.
Earnings
The Campbell’s Company (Nasdaq: CPB) reported an earnings beat this morning, and guided higher for the rest of 2025, sending the stock up modestly premarket.
Science Applications International (Nasdaq: SAIC) reported mixed earnings, with sales on target but profits less than expected. SAIC stock is down more than 6% premarket.
Analyst Calls
Dow Jones Industrial Average component company Boeing (NYSE: BA) won an upgrade to buy from Bank of America this morning. Setting a price target of $260 a share, BofA analyst Ronald Epstein observed that President Trump is using Boeing as a tool in trade negotiations, accepting orders for Boeing planes (which helps the U.S. balance of trade) in exchange for U.S. tariffs concessions. The analyst cited “recent deals struck in the UK (32 aircraft orders), Qatar (210 aircraft orders), UAE (28 aircraft orders), and China (removing the ban on BA aircraft), as setting a precedent for future global trade negotiations, to BA’s benefit.”
At least one of those deals now looks at risk, however.
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