On June 4, 2025, the United States implemented 50% tariffs on steel and aluminum imports from China, marking a resumption of trade restrictions after a pause. This move coincided with a "best offer" deadline related to trade negotiations. The US dollar showed some volatility, initially trading heavier but consolidating as markets awaited key economic data releases. These data include the US ADP employment report, ISM non-manufacturing (services) PMI, and the upcoming May payrolls report. Meanwhile, the Bank of Canada is expected to maintain its interest rates but may signal a neutral stance amid firmer core inflation and Q1 GDP figures. In Europe, the euro strengthened due to upward revisions in Purchasing Managers' Indexes (PMIs) despite political instability caused by the Dutch government collapse. The British pound remained unchanged with a revised PMI, and the Japanese yen weakened amid continued risk-on flows despite Bank of Japan Governor Ueda's resistance to rate hikes. The Australian dollar rose despite weaker GDP data, influenced by dovish Reserve Bank of Australia minutes. Overall, global markets are navigating mixed economic signals alongside renewed US trade tariffs and central bank policy expectations.