Trump threatens 25% tariffs on all steel and aluminum imports

U.S. President Donald Trump adds a new front to his trade war, as he threatened 25% tariffs on all steel and aluminum imports, and promises further “reciprocal” levies in the coming days. Meanwhile Chinese retaliatory tariffs on around 14 billion dollars’ worth of U.S. goods take effect, while fresh data shows a pickup in consumer inflation in the world’s second largest economy. In Germany, Chancellor Olaf Scholz and election frontrunner Friedrich Merz go head-to-head in the first television debate – with the health of the economy dominating the conversation. Pressure mounts on BP as activist investor Elliot Management reportedly builds up a stake in the British energy producer. In France, President Emmanuel Macron pledges more than 100 billion euros worth of investment into AI, as top tech names descend on Paris for the AI Action Summit.