May 7: The U.S. Court of International Trade ruled that President Trump did not have the authority to impose a 10% global tariff under Section 122 of the Trade Act, finding the tariff did not meet the law’s criteria for when import surcharges are allowed, and declaring President Trump’s proclamation and the tariff invalid.

A temporary U.S.-Iran ceasefire eases pressure, but freight, fuel and labor risks remain elevated.

Global demand for electrification brings record copper prices past price ceiling, and U.S. steel shipments rose year over year in February.