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Asian Currencies Hold Steady as US Dollar Nears Seven-Week Low Ahead of Key Jobs Data 
US Stock Futures Rise as Markets Await July Payrolls Data 
Philippine GDP Growth Slows to 2.3% in Q2 
Oil Prices Surge as Iran Hormuz Restrictions Renew Supply Fears 
Gold Price Hits Seven-Week High as Fed Rate Hike Bets Fade and Hormuz Deal Hopes Grow 
China Trade Surplus Beats Forecasts in July as Exports Stay Strong 
BOJ Rate Hike Expectations Rise Ahead of September Meeting 
Dollar Holds Near Six-Week Low as Yen Loses Momentum Ahead of U.S. Jobs Data 
Brazil Cuts Selic Rate to 14% as Inflation Eases but Risks Persist 
The doubling of steel and aluminum import tariffs to 50% by Donald Trump has caused serious worries regarding growing worldwide trade friction. Like India, nations selling steel to the United States are anticipated to suffer severe economic losses, lower competitiveness, and challenging trade talks. Asian steel company stock fell right after the news, reflecting investor concern about lower demand and more trade barriers.
Although meant to help American steelworkers, rising steel prices are expected to cause costs for home sectors like construction and automotive manufacturing. The great rise lacks economic justification and contradicts worldwide decarbonization initiatives, suggesting a favoring of economic nationalism over environmental issues.
Including impeding trade discussions, raising the risk of reprisal tariffs, and adding to world business uncertainty, this action has broad effects. Expected to disturb global supply networks, strain diplomatic relations, and result in possible legal difficulties, Trump's protectionist trade policy.
