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Before we head into the weekend, let’s take a look at the week that was and some of the storylines dominating the world of metals here on MetalMiner:

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• MetalMiner’s Taras Berezowsky took a look at the gold price, the palladium-platinum spread and more.
• Meanwhile, imports of grain-oriented electrical steel (GOES) picked back up in May, MetalMiner Executive Editor Lisa Reisman writes.
• Stainless steel surcharges and LME nickel prices also rose in May.
• Both U.S. and Chinese steel prices increased last month.
• In light of the U.S.’s decision to impose its Section 232 steel and aluminum tariffs on the European Union, European Steel Association President Geert Van Poelvoorde condemned the steel tariff.
• In case you missed it, we released our Monthly Metals Index (MMI) report, covering 10 metal subindexes.
• Copper and zinc prices have surged upward so far this month, writes MetalMiner’s Irene Martinez Canorea.
• U.S. steel imports through the first five months of this year are down 2.5% compared with January-May 2017, according to a recent American Iron and Steel Institute (AISI) report.

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This morning in metals news, Trump announces $50 billion in tariffs on Chinese goods, China responds to warn retaliatory tariffs are imminent and E.U. members are supportive of retaliatory measures against the U.S.’s Section 232 tariffs.

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Trump Announces $50M in Tariffs on China

In line with media reports earlier this week, President Donald Trump announced Friday that the U.S. will impose $50 million in tariffs on Chinese goods, particularly related to technology, Reuters reported.

China Says Retaliatory Tariffs Coming

On the heels of the U.S. tariff announcement, China says it plans to impose tariffs of the “same scale,” according to a CNBC report.

E.U. Keen on Payback for Steel Tariff

Speaking of retaliation, E.U. nations are ready to retaliate agains the U.S. and its 25% steel tariffs, Reuters reported.

MetalMiner’s Annual Outlook provides 2018 buying strategies for carbon steel

E.U. countries unanimously voted in support placing import duties of $3.3 billion of U.S. goods.