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U.S. President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders, and likely push up prices for consumers.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 the latest tariffs will significantly squeeze the wallets of both companies and shoppers alike.Here’s what we know. What’s the tariff rate on imported steel and aluminum now? Steel and aluminum imports are currently taxed at 25%a rate that both metals have faced across the board since March 12 when Trump’s order to remove steel exemptions and raise aluminum’s levy from his previously-imposed 2018 import taxes went into effect.That’s about to double. In a proclamation issued Tuesday, Trump confirmed that the U.S. will begin taxing nearly all steel and aluminum imports at 50% after the clock strikes midnight Wednesday. Steel and aluminum from the U.K., meanwhile, will continue to be levied at 25% due to a recent trade deal. Why is Trump raising these tariffs? Trump says it’s all about protecting U.S. industries. He reiterated that argument on Friday, when he first announced the 50% tariff during a visit with steelworkers in Pennsylvania, where he also discussed a “planned partnership” between U.S. Steel and Japan’s Nippon Steel.In his speech at U.S. Steel’s Mon Valley WorksIrvin Plant in suburban Pittsburgh, Trump said that the tariff hike would “further secure the steel industry in the U.S.” Shortly after, he took the same tone when sharing plans to also raise tariffs on imported aluminum.In Tuesday’s proclamation, Trump also said that the higher tariffs would ensure that imported steel and aluminum would “not threaten to impair the national security.”“In my judgment, the increased tariffs will more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States,” he said in the proclamation. How is the industry responding? While some analysts have credited the tariffs Trump imposed during his first term with strengthening domestic production of steel and aluminum, many others have warned that stark new levies can make it difficult for the industry to adjust.Some organizations representing metal workers also note that tariffs aren’t the only solution needed to boost U.S. manufacturing.“While tariffs, used strategically, serve as a valuable tool in balancing the scales, it’s essential that we also pursue wider reforms of our global trading system,” David McCall, international president of the United Steelworkers union said in a statement, noting that work must be done “in collaboration with trusted allies” like Canadathe top exporter of steel and aluminum to the U.S.to help “contain the bad actors.”Matt Meenan, vice president of external affairs at the Aluminum Association, added that the trade group “appreciates President Trump’s continued focus on strengthening the U.S. aluminum industry,” but that “tariffs alone will not increase U.S. primary aluminum production.”“We also need consistent, predictable trade and tariff policy to plan for current and future investment,” Meenan said. What kinds of products could be impacted by heightened steel and aluminum tariffs? A range of businesses that rely on foreign-made steel and aluminum have already begun feeling the impacts of Trump’s previously-imposed levies. But the latest anticipated hikes could drive up costs even more.Steel and aluminum are used in a range of products like washing machines, consumer electronics and cars. Much of the auto industry relies on a global supply chain. And even if you aren’t in the market to buy a new vehicle, repairs could involve parts that use imports of either metal, driving up overall maintenance and ownership costs.In the grocery aisle, steel and aluminum are ubiquitous in the packaging for many foods, including canned tuna, soup and nuts. Experts warn that hiking import taxes on these materials could led to higher grocery prices overall, further straining consumers wallets.The aluminum and metal tariffs also carry wider implications for construction and transportation as a whole, as many key building parts and materials are made with these metals. Economists further warn of spillover impacts. Even if a product isn’t directly packaged in steel or aluminum, there could be higher costs to build the shelf it’s sold on, for example, or truck used to transport it to the store. And all of that could trickle down to the consumer down the road.If foreign competition becomes “priced out” due to these new tariffs, U.S. steel and aluminum producers may also find room to raise their own prices. As a result, even companies that don’t buy these foreign metals could end up paying more.Steel prices have already climbed 16% since Trump became president in mid-January, according to the government’s Producer Price Index. And as of March 2025, steel cost $984 a metric ton in the U.S., significantly higher than than in Europe ($690) or China ($392), per the U.S. Commerce Department. Will there be any exceptions? The new 50% tariff rate will apply to nearly all steel and aluminum coming into the U.S. from other countries. But the U.K., which recently reached a sweeping trade agreement with the U.S., will see an exception.As part of trade deal reached between the two nations on May 8, the U.K. said that the U.S. had agreed to eliminate its current 25% duties on British steel and aluminum down to zero. That exemption had yet to go into effect in the weeks followingbut in his proclamation issued Tuesday, Trump acknowledged that it was “necessary and appropriate” to implement the deal, and would “accordingly provide different treatment” for these metals coming from the U.K.Per Trump’s proclamation, the duty on British steel and aluminum will now stay 25%. But that rates could be adjusted starting on July 9 if the U.S. government determines that Britain has not complied with the framework.Trump’s planned hikes for steel and aluminum tariffs for the rest of the world could spark retaliation from other trading partners. In response to levies imposed on these metals earlier in the year, for example, the European Union previously outlined countermeasures.The 27-nation bloc later delayed those actions until July 14 in efforts to ease negotiations, but said on Monday that was preparing a list of measures to enact if a trade deal with the U.S. crumbles. AP Writers Jill Lawless in London, Josh Boak and Michelle Price in Washington, D.C., contributed to this report. Wyatte Grantham-Philips, AP Business Writer
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E-Commerce
Shares in Joby Aviation (NYSE: JOBY) jumped yesterday after the air taxi company announced a potential deal with the Saudi Arabia-based Abdul Latif Jameel. The deal could lead to Joby supplying up to 200 of its eVTOL aircraft. Heres what to know about the potential and its effect on Jobys stock price. What is Joby? Joby Aviation, better known as Joby, is a Santa Cruz, California-headquartered aviation company that is developing a fleet of electric vertical takeoff and landing (eVTOL) vehiclesin other words, flying taxis. Joby was founded in 2009 and went public on the New York Stock Exchange in 2021 via a special purpose acquisition company, or SPAC. Prior to its NYSE debut, Joby was named one of Fast Companys Most Innovative Companies for 2021. While the company is developing flying taxi vehicles, one of its primary aims is to become a servicean Uber of the skies, so to speak. Because of its relatively small market cap of around $6.7 billion and interesting futuristic product (a flying rideshare service), Joby’s stock is somewhat popular with investors who lean more toward dabbling in meme stocks and small-cap stocks that have potential to see sky-high returns if their products eventually take off (no pun intended). Joby says it currently has strategic partnerships with Toyota, Delta, and Uber, and it employs more than 1,700 engineers. For its Q1 2025, which ended March 31, Joby reported a net loss of $82.4 million. What deal did Joby announce yesterday? Yesterday, Joby Aviation announced a potential deal with Abdul Latif Jameel, a business based in Saudi Arabia. Potential is the key word here. Thats because the two companies didnt actually agree to sell anything to or buy anything from one another. Instead, they signed a Memorandum of Understanding (MoU). This MoU will see the companies explore opportunities to establish a distribution agreement in Saudi Arabia for Jobys electric aircraft, according to Joby. That potential distribution agreement may see Joby deliver up to 200 air taxis and other related services valued at up to $1 billion to Abdul Latif Jameel over the coming years. Joby has positioned the potential deal as a win-win for both American and Saudi Arabian business interests. This collaboration is about bringing Americas leadership in electric air mobility to the world, Joby Aviation CEO JoeBen Bevirt said in a statement announcing the deal. Joby stock rises on the news Given that Joby has recently been worth about $6 billion in total, its no wonder the companys stock jumped yesterday after it announced it was exploring a single deal worth up to $1 billion. By the close of the market yesterday, JOBY stock had risen over 7% to $8.03 per share. In premarket trading this morning, as of the time of this writing, JOBY stock is up another 2%. However, while JOBY stock has been flying high over the past two days, its important to put the stocks past performance into perspective. Despite JOBYs stock price surge in the last 24 hours, the companys stock was still down year-to-date by 1.23% as of yesterdays close. At the same time, when you look at the last 12 months, JOBY shares have had a significant return. Since last June, the stock has risen nearly 65%. Where the stock goes from here is anyones guess. However, the company has had some exciting advances in recent years. In February 2024, Joby announced that it plans to launch an air taxi service in Dubai by 2026, and in October 2024, Joby showed off one of its air taxis to much fanfare in New Yorks Grand Central Station. The company said that an air taxi could carry up to 1,000 pounds of payload/people, had a range of 100 miles, and could reach speeds up to 200 mph.
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E-Commerce
Matty Matheson is a star and producer on the award-winning shoe The Bear, a massive YouTube personality, best-selling cookbook author, restaurateur, entrepreneur, and more. No one will ever confuse him with the ShamWow guy, but thats exactly what Matheson is going for in a new brand campaign from outdoor oven brand Gozney. The extremely fitted blue shirt is all part of an infomercial vibe concocted by Matheson and the Gozney creative team. I found that shirt on eBay, says Matheson. Because I just felt like I needed to wear a stupid shirt, like the ShamWow guy or something. Its also part of the brands first paid media advertising push for a new campaign called Cook Different. And perhaps the crown jewel of it all is a signature Matty Matheson edition of Gozneys new Tread portable outdoor oven that drops June 18. Since 2021, Gozney has grown from $25 million in revenue to nearly $100 million last yeardespite the outdoor pizza oven market exploding over COVID-19 and since contracting. Gozney has strategically used design and content to differentiate itself, and build a healthy brand identity. Key to the brands success is the relationships it has built with chefs and personalities like Matheson. With Cook Different, Gozney is out to prove it. Meeting Matty Tom Gozney founded his company in 2010 as the Stone Bake Oven Company, producing custom-built commercial pizza ovens for the U.K. market. But in 2016, with the launch of the Roccbox oven, Gozney shifted its focus to everyday people. He knew that if he could convince chefs of the portable outdoor oven’s value, then the home kitchen heroes would follow. So he began building relationships with influential U.K. chefs. One of them was Lee Tiernan, owner of Black Axe Mangal. Tiernan was trying out Gozneys Roccbox oven, and was among a few who spread the world to Matheson in Canada. Several my friends in England that are chefs were like, yo, there’s this fucking oven that’s sick, you should check it out, says Matheson. I got one. We used it. It’s sick. I loved it. And then Tom brought me over to England and we just hit it off. Gozney was a fan of Mathesons based on his work with Vice, so was keen to get him an oven. Soon after, Matheson was posting clips of himself using it, not even as a paid ambassador. It was so brand elevating for us at the time, says Gozney. Matty was a subcultural figurehead through Munchies and Vice and all of that stuff. Since then, Matheson has been involved in other Gozney content, but also a sounding board behind the scenes on new and potential ambassadors. Gozney says that it’s one of the companys longest relationships and a standard-bearer for what they aim for overall. I didn’t want to build an outdoor cooking brand. I wanted to build something culturally relevant, says Gozney. And I was always fundamentally focused on, who are the people that we’re going to interact with? Even if someone has 10 times the followers, but they’re not culturally right for the brand, we just won’t fuck with them. And Matty is just the epitome of what were looking for. Theyve been working together for so long that when the idea for a signature oven came up, Gozney says there was really only one choice. Mattys obviously got an incredible way about him from a brand perspective, and we wanted to lean into collaborations, says Gozney. And it just felt like the right move for us to start with these Matty campaigns. Hes been the leading, most passionate brand partner and friend for so many years, it just felt fitting. It would feel like I was cheating on him if I did it with anyone else. [Photo: Gozney] Enter the Tread This is only the companys third signature product. Both Tom Gozney and Brad Leone have had limited signature Roccbox designs. The Tread is a new oven, designed for being as portable as possible. It weighs in at less than 30 pounds, fits 12-inch pizzas and cast iron pans, can hit 950 degrees Fahrenheit in 15 minutes, and features a stand with adjustable legs, a built-in level, and a roof rack cutting board. The growth trajectory of the company, combined with a new product, presented an opportunity for the brand to lean a bit more into its relationship with Matheson. The limited edition Matty x Tread oven is bright orange, featuring illustrations by Matty’s longtime artist, Christopher Wilson, engraved onto its stainless steel exterior. It looks a bit like a Stars Wars droid that just happens to cook pizza. In a good way. Theres also a capsule collection of customized placement peels and other merch. This was just one of those perfect opportunities to kind of just put a little bit of my character into this perfect thing they’ve developed, says Matheson. I’m not some pizza master. It makes amazing pizzas, but I’m a meat and potatoes kind of guy, so I think it’s a perfect outdoor oven. The blaze orange is so iconic. [Photo: Gozney] Retaining heat The videos were shot on a sound stage in Salt Lake City and Matheson says the process was pretty loose. It’s this thing where they came with a really good idea, and we just started riffing back and forth, he says. It was all just really collaborative. Their team knows me, they understand my wheelhouse, and they wanted to do something fun. So we had a basic outline and then we just had fun with it. Jonathan Kantor, Gozney’s chief revenue and marketing officer says he was aiming for something like a cross between HexClad and Liquid Death. The former effectively leverages its partnership with Gordon Ramsay, while the latter creates hilarious content that plays with our cultural relationship with brands and advertising. The concept of Cook Different is about elevating Matty’s presence within Gozney, along with our background with professional chefs and commercial ovens, and doing a brand campaign that’s more about captivating eyeballs and telling a story versus more direct response, transactional marketing. Gozney is investing in more traditional paid media for this campaign than ever before, specifically on connected TV, and will have a shared billboard in Times Square. At the same time, it continues to invest in longer form content, like its ongoing YouTube series Pizza with Frank, starring Frank Pinello. Pinello is the founder of Brooklyn pizzeria Best Pizza, and is about to start his second full season of the Gozney-backed show. It’s completely entertainment storytelling, says Kantor. These episodes get 500,000 to a million views a piece, and there’s not a single paid media dollar behind them. So we’re thinking about who shows up in content, who shows up on our own channels, and how we can tell stories around it. In a world flooded with collabs, Matheson says the longevity and real connection between them is what makes this collaboration different, and he hopes it shows in the content and the product. We’ve been both doing this thing since the beginning, says Matheson. With other brands, it’s a job, it’s how we pay the bills. It’s how I’m able to continue my YouTube and continue a lot of things. Sometimes a brand just wants you for this one thing. No problem. But this is very different. “Gozney has been holding on to a lot of the people that have been there since the beginning, and I think that really shows the importance of true alignment, that is really special and really organic. We have a genuine, good relationship. Some brands are like that. Some aren’t, says Matheson.
Category:
E-Commerce
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