The White House announces raising tariffs on imported steel and aluminum to 50%, and remains unchanged for the UK at 25%

**Source: Wall Street News**  

According to CCTV News, on June 3 local time, the White House issued a statement announcing that U.S. President Donald Trump has decided to raise tariffs on imported steel, aluminum, and related derivative products from 25% to 50%, effective at 00:01 Eastern Time on June 4.  

The statement noted that tariffs on steel and aluminum imports from the UK will remain at 25%. Starting July 9, 2025, the U.S. may adjust applicable tariff rates and set import quotas for steel and aluminum based on the terms of the *Environmental Policy Statement*. If the UK is found non-compliant with the *Environmental Policy Statement*, the applicable tariff rate may be raised to 50%.  

On May 30 local time, during a rally in Pennsylvania, President Trump announced plans to increase steel import tariffs from 25% to 50%. Later, he confirmed on social media that the decision would take effect on June 4.  

**U.S. Stock Market Rises as Tech Stocks Lead Gains**  

On June 3, the three major U.S. stock indices closed higher: the Dow Jones rose 0.51%, the Nasdaq gained 0.81%, and the S&P 500 climbed 0.58%.  

Most major tech stocks advanced, with Broadcom up over 3%. Computer hardware and cryptocurrency-related stocks led the gains—ON Semiconductor surged over 11%, Navitas Semiconductor rose more than 7%, Super Micro Computer and Coinbase gained nearly 5%, Micron Technology jumped over 4%, while Dell Technologies and Seagate Technology each rose more than 3%. Intel and AMD both increased over 2%.  

Nvidia rose 2.80%, reaching a market cap of $3.45 trillion—surpassing Microsoft to reclaim the title of the world’s most valuable company for the first time in over four months.  

The Nasdaq Golden Dragon China Index closed up 0.56%, with most popular Chinese stocks rising. Li Auto surged over 6%, iQiyi gained more than 3%, while PDD and XPeng each rose nearly 2%. Bilibili fell over 2%, and JD.com dropped more than 1%.  

The FTSE China A50 futures index edged up 0.11% in overnight trading, closing at 13,324 points.  

**Commodities: Oil Extends Gains, Gold Dips**  

- WTI crude futures rose 1.42% to $63.41 per barrel.  

- Brent crude futures climbed 1.55% to $65.63 per barrel.  

- COMEX gold futures fell 0.6% to $3,376.9 per ounce.  

- COMEX silver futures dipped 0.05% to $35 per ounce.  

**U.S. Labor Market Remains Strong Despite Economic Uncertainties**  

Data released by the U.S. Labor Department on June 3 showed an unexpected increase in job openings in April, with hiring activity also rebounding, indicating sustained demand for labor despite rising economic uncertainties.  

According to the Bureau of Labor Statistics, the number of available jobs rose to 7.39 million in April, up from a revised 7.20 million in March, exceeding economists' expectations of 7.10 million.  

As reported by *China Fund News*, the rise in job vacancies, coupled with steady hiring and low unemployment, supports the Federal Reserve's view that the labor market remains "in good shape." However, the time taken for unemployed individuals to find new jobs is lengthening. Economists predict that as U.S. tariff measures continue to weigh on the economy, clearer signs of labor market weakness may emerge in the coming months.  

So far, such weakness has not been reflected in the data, reinforcing the Fed’s current stance of holding interest rates steady. Policymakers and forecasters will closely monitor the May jobs report, due this Friday, for signs of a slowdown. The market expects the report to show slower job growth but stable unemployment.  

**Fed Official Cautious on Rate Cuts Amid Inflation Concerns**  

As reported by *Securities Times*, Atlanta Fed President Raphael Bostic stated that the fight against inflation still has a long way to go, and victory cannot yet be declared. He noted that core price levels "remain an issue," while hard data has yet to reflect "more pessimistic" sentiment. He expressed "strong caution" toward rapid rate cuts, emphasizing the need for further progress in lowering inflation before supporting monetary easing.  

Bostic added that given the "healthy" economic conditions, the Fed has time to observe how uncertainties unfold, and the best policy approach now is "patience." While he does not currently foresee a recession, he acknowledged some signs of softness in the otherwise robust labor market. He mentioned that the impact of tariffs on inflation remains unclear, with no observable signs of tariffs driving prices higher.  

Bostic further suggested that one rate cut this year is possible, depending on economic developments. However, he noted that amid tariff and trade uncertainties, it is difficult to predict whether the Fed will cut rates. Overall, he advocated for a patient stance while monitoring economic conditions and uncertainties.  

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