The United States doubled tariffs on imported steel and aluminum starting Wednesday, widening President Donald Trump's trade war in a move set to fan tensions with key economic partners.

The move, which Trump earlier said was aimed at protecting domestic steel and aluminum industries, takes his levies on both metals from 25 percent to 50 percent.

U.S. President Donald Trump expressed appreciation on Wednesday for Chinese President Xi Jinping, but called him hard to strike a deal with, ahead of an anticipated call this week.

"I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!" Trump posted on his Truth Social platform, the day his 50 percent tariffs on steel and aluminum came into effect.

Inflation in the 20 countries that use the euro fell to 1.9% in May from 2.2% in April, clearing the way for more rate cuts from the European Central Bank to support growth in the face of U.S. President Donald Trump's tariff offensive.

Lower energy prices helped bring consumer prices in May to below the ECB's 2% target for the first time since September. Increasing signs that inflation is back under control after a painful outbreak in 2021-23 leaves room for the ECB to turn its attention to worries about the impact of a slew of new import taxes on EU goods in the U.S. that threaten to slow Europe's export-oriented economy.

The European Union on Monday said it is preparing "countermeasures" against the United States after the Trump administration's surprise tariffs on steel rattled global markets and complicated the ongoing wider tariff negotiations between Brussels and Washington.

EU Commission President Ursula von der Leyen and U.S. President Donald Trump agreed last week to "accelerate talks" on a deal, but that if those trade negotiations fail "then we are also prepared to accelerate our work on the defensive side," European Commission spokesperson Olof Gill told a press conference in Brussels.

President Donald Trump faces the challenge of convincing Republican senators, global investors, voters and even Elon Musk that he won't bury the federal government in debt with his multitrillion-dollar tax breaks package.

Oil prices rose sharply on Monday amid concerns about Russia's war in Ukraine and Iran nuclear talks, along with market relief that OPEC+ did not increase crude production as much as some had feared.

At around 1325 GMT, the U.S. benchmark barrel of West Texas Intermediate for July delivery was up 4.87 percent at $62.75, having briefly exceeded five percent. Brent North Sea crude for August delivery was up 4.51 percent at $65.61 a barrel.

Trading resumed on the Damascus Securities Exchange Monday after a six-month closure, as Syria's new leaders attempt to shore up the country's battered economy and begin rebuilding after nearly 14 years of civil war.

The stock exchange had closed during the chaotic days leading up to the ouster of former President Bashar Assad in a lightning rebel offensive.

China will resume Japanese seafood imports it banned in 2023 over worries about Japan's discharge of treated but slightly radioactive wastewater from the damaged Fukushima Daiichi nuclear power plant into the sea, a Japanese minister said Friday.

Agriculture Minister Shinjiro Koizumi said the agreement was reached after officials met in Beijing and the imports will resume once paperwork is complete.

Elon Musk is leaving Washington after a short but turbulent stint in government and getting back to his numerous businesses, each with their own set of issues for the billionaire to address.

Start with his electric car company Tesla. While how much Musk accomplished in his role as President Donald Trump's chief cost-cutter is up for debate, it's clear his association with right-wing politics damaged Tesla's brand and tanked sales.

A key U.S. inflation gauge slowed last month as President Donald Trump's tariffs have yet to noticeably push up prices, while American incomes jumped.

Friday's report from the Commerce Department showed that consumer prices rose just 2.1% in April compared with a year earlier, down from 2.3% in March and the lowest since September. Excluding the volatile food and energy categories, core prices rose 2.5% from a year earlier, below the March figure of 2.7%. Economists track core prices because they typically provide a better read on where inflation is headed.