Trump tariffs live updates: US auto suppliers urge action on China rare earths curbs amid tariff strain

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On Wednesday, a US auto parts group, MEMA, the Vehicle Suppliers Association, has urged immediate action over China's tighter controls on rare earth exports, warning the move could soon disrupt car production. China processes over 90% of these minerals, which are used in motors and cameras.

Car giants, such as General Motors, Ford and Toyota joined the call for help. China's rare earth curbs are seen as part of the wider trade tensions with the US. Yahoo Finance reports.

☀️ US stocks heal from tariff pain but trade news to keep markets edgy: After months of Wall Street gyrations to the twists and turns of U.S. trade policy, signs suggest stock investors are becoming more resilient to developments and cautiously defaulting to optimism that they have weathered the worst of the tariff-related shocks.

U.S. equities have edged higher over the past two weeks as they digest a sharp rally that has brought the benchmark S&P 500 (.SPX), opens new tab within 3% of its February record high, fueled in part by easing fears about the economic fallout from tariffs. Reuters reports.

👚 Procter & Gamble to cut 7,000 jobs to rein in costs as tariff uncertainty looms: Procter & Gamble said on Thursday it would cut 7,000 jobs, or about 6%, of its total workforce over the next two years, as part of a new restructuring plan to counter uneven consumer demand and higher costs due to tariff uncertainty.

The world's largest consumer goods company also plans to exit some product categories and brands in certain markets, executives said at a Deutsche Bank Consumer Conference in Paris, adding the program could likely include some divestitures without giving detail. Reuters reports.

🎮 Nintendo Switch 2 launches globally with shortages expected amid pent-up demand: Nintendo’s Switch 2 launched on Thursday and is widely expected to be in short supply globally amid pent-up demand for the more powerful next-generation gaming device.

“The level of demand seems to be sky-high,” said Serkan Toto, founder of the Kantan Games consultancy. The Switch launched in 2017 and followed the underperforming Wii U. The home-portable device became a juggernaut with games including two “The Legend of Zelda” titles and the Covid-19 pandemic breakout hit “Animal Crossing: New Horizons” CNBC reports.

🏦 Bonds are 'boring' — but they're critical to understand right now: Compared to the high-flying mega-cap tickers, the roller-coaster ride of crypto, or the rags-to-riches drama of meme stocks, the US bond market can seem like a sleepy affair.

But with the slow drumbeat of bond market worries getting louder, now is the time to brush up. Yahoo Finance reports.

💰 Exclusive-Walmart’s Flipkart secures approval for direct lending in India: Walmart's Flipkart has secured a lending licence from the Indian central bank and banking regulator, enabling it to offer loans directly to customers and sellers on its platform, a spokesperson for the company confirmed after Reuters reported the development citing documents and a source.

This is the first time the Reserve Bank of India has granted a large e-commerce player in India a non-bank finance company (NBFC) licence, allowing it to lend but not take deposits. Most e-commerce platforms currently offer loans in tie-ups with banks and NBFCs, but a lending licence will enable Flipkart - India's largest e-commerce firm - to lend directly, a more lucrative model for the group. Yahoo Finance reports.

⚠️ Trump’s promised steel and aluminum tariffs go into effect: U.S. President Donald Trump hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that’s set to hammer businesses from automakers to home builders, and likely push up prices for consumers even further.

Foreign-made steel and aluminum is used in household products like soup cans and paper clips, as well as big-ticket items like a stainless-steel refrigerators and cars. Economists warn that such heightened levies could significantly squeeze the wallets of both companies and shoppers alike. But Trump argues that his latest import taxes are necessary to protect U.S. industries. AP News reports.

☎️ India, US push to finalise interim tariff deal as Trump's deadline nears: Indian and U.S. are holding high-level talks this week, aiming to finalise tariff cuts in sectors such as farm and automobiles as part of an interim deal, two government sources said, with an announcement likely later this month.

A U.S. delegation led by senior officials from the Office of the United States Trade Representative (USTR) began closed-door, two-day discussions in New Delhi on Thursday with Indian trade officials headed by chief negotiator Rajesh Agrawal, the sources said. "During the current round of talks, negotiators are discussing tariff cuts on specific sectors including agriculture and autos, and proposed benefits for Indian companies," one Indian government source, said. Yahoo Finance reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) $MKDW: MKDWell Tech

Total gain: +232.08%

2) $MCTR: CTRL Group

Total gain: +78.11%

3) $LIMN: Liminatus Pharma

Total gain: +52.63%

4) $CTNT: Cheetah Net Supply Chain

Total gain: +47.88%

5) $PL: Planet Labs

Total gain: +26.31%

The closing price of the top three market percent gainers trading near or above $3 on June 4.
Benzinga reports.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) $KWM: K Wave Media

Total gain: +129.72%

The company announced that it has entered into a securities purchase agreement with Bitcoin Strategic Reserve KWM LLC, providing for the sale by K Wave Media of up to $500 million in ordinary shares. Benzinga reports.

2) $STSS: Sharps Technology

Total gain: +66.04%

The company announced the initiation of shipments for previously announced purchase orders across three customer orders. These shipments mark Sharps Technology’s first deliveries of its SecureGard™ and SoloGard™ product lines and its transition to generating commercial revenue. Benzinga reports.

3) $BAOS: Baosheng Media Group

Total gain: +50.63%

The stock appeared to be moving on no notable news.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars

GES: Guess
1Q 2026

After Market Close
Estimate: -0.690
Actual: N/A

AVGO: Broadcom
2Q 2025

After Market Close
Estimate: 1.570
Actual: N/A

LULU: Lululemon Athletica
1Q 2025

After Market Close
Estimate: 2.590
Actual: N/A

Time (ET) / Report / Period

8:30 AM - Initial jobless claims - May 31

8:30 AM - U.S. trade deficit - April

8:30 AM - U.S. productivity - Q1

"If the job has been correctly done when a common stock is purchased, the time to sell it is almost never."

- Philip A. Fisher

Sourced in: “Common Stocks and Uncommon Profits”, by Philip A. Fisher, published in 1958