First Thing: Trump to announce 25% aluminum and steel tariffs as China’s levies kick in

US allies criticize Trump's plans as harmful for all parties. Plus, the Forbes 30 Under 30' curse

Good morning.

Donald Trump has said he will announce new 25% tariffs on all steel and aluminum imports into the US on Monday that would affect everybody", including its largest trading partners, Canada and Mexico, in another major escalation of his trade policy overhaul.

How have US allies reacted? Emmanuel Macron, the president of France, said tariffs would harm European economies but also the US, given the level of economic ties. It means if you put tariffs on a lot of sectors, it will increase the costs and create inflation in the US. Is it what your people want? I'm not so sure," Macron said.

How are markets reacting? Gold hit an all-time high of $2,900 per ounce, as trade war fears spark a dash for safe assets. Major US indexes - the Dow Jones, S&P 500 and Nasdaq - had modest gains in pre-market trading.

What else did Unicef say? Spokesperson Tess Ingram said children in particular have been traumatised by Israel's war on the territory, which has left many communities without adequate healthcare, sanitation, shelter and water. About 700,000 northern Gaza residents fled to southern areas at the start of the war in October 2023, when the Israeli military issued mass evacuation orders.