Maros Sefcovic urged the U.S. and EU to come together to address problems of overcapacity, while the Trump administration said the steel tariff hike to 50% from 25% was needed for national security reasons.
Fundstrat's Tom Lee calls current market advance one of the "most hated" V-shaped rallies ever, with substantial upside risk from elevated cash positions and rising short interest.
The president flagged a pushback last Friday when he said China had “totally violated its agreement with us,” without giving details of the nature of the violations.
According to a report, $8.3 billion of the cuts will be from foreign aid, and $1.1 billion will be taken away from the Corporation for Public Broadcasting.
Wang underlined the need for the U.S. to meet China halfway to implement the consensus reached between the U.S. President Donald Trump and his Chinese counterpart Xi Jinping during their phone call in January.
Among the key catalysts for the day is ADP’s private payrolls report for May, which is expected to show job gains of 110,000 compared to 62,000 in April.
The bill, which passed the House in a knife-edge 215-214 vote, could hit a wall in the Senate if Paul and three other Republican holdouts vote against it.
