US tariffs on steel and aluminum were doubled, but the metal markets appear to have quickly absorbed the impact. Aluminum prices on the LME have already fully rebounded to approximately $2,440 per ton after a brief dip.

U.S. producer prices recorded a slight increase, mainly due to reduced costs in services like air travel. The 0.1% rise in the producer price index followed a previous drop. Expected inflation might rise later in the year as tariff impacts become apparent,

U.S. stock futures are lower after President Donald Trump raises tariff tensions again by promising unilateral tariff rates within two weeks.

The Consumer Price Index increased 0.1% month on month, lower than economists' estimates of a 0.2% monthly gain in prices.

A closely watched report released by the Labor Department on Wednesday showed a slight increase by consumer prices in the U.S. in the month of May.