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US job growth halves in June to 57,000
US job growth halves in June to 57,000
Houston, 2 July (Argus) — The US added 57,000 jobs in June, about half the number analysts expected, while revisions slashed gains from the prior two months. Job gains in May were revised down by 43,000 to 129,000, and gains for April were revised down by 31,000 to 148,000, according to the Bureau of Labor Statistics (BLS). Job gains have averaged about 36,000/month over the last 12 months, BLS said. The job growth in June compared with about 110,000 median jobs forecast by analysts surveyed by Trading Economics. The unemployment rate fell to 4.2pc in June from 4.3pc, BLS said. "The recent upturn in labor demand now looks much weaker, after downward revisions," Pantheon Macroeconomics said in a note. Surveys and job openings measures "suggest that payrolls will continue to rise slowly." Average hourly earnings increased by 3.5pc in June from a year prior. Professional and business services added 36,000 jobs in June, while social assistance added 25,000 jobs. Health care added 22,000 jobs. Government added 8,000 jobs. Manufacturing added 3,000 jobs, while mining lost 4,000 jobs, with oil and gas extraction down by 800 jobs. Construction added 11,000 jobs. Computer and electronic products added 1,500 jobs. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan steel groups slam new EU safeguard measure
Japan steel groups slam new EU safeguard measure
Tokyo, 2 July (Argus) — Five Japanese steel industry groups issued a statement on 1 July calling the EU's new steel safeguard measure "inappropriate and regrettable," and stating that the measure is unfair to Japan given its economic ties with the EU. The new regulation , which came into effect on 1 July, includes establishing tariff-free quotas for 18.3mn t/yr and introducing a 50pc out-of-quota duty for 26 categories of steel. The regulation reserves 50pc, or 9.15mn t, of the 18.3mn t annual EU import quota for countries with a free trade agreement (FTA). The remaining 50pc is available for all countries, with or without an FTA. The tariff quota for Japan has been set at 800,000t, which falls well short of the 2022-24 average import volume of around 1.5mn t/yr, the groups said. The groups said the measure is unfair to Japan, considering its economic partnership agreement (EPA) with the EU. They urged the Japanese government to keep negotiating with the EU. They also asked Tokyo to consider using dispute settlement procedures under World Trade Organization agreements and the Japan-EU EPA. The five groups are the Japan Iron and Steel Federation, the Special Steel Association of Japan, the Japan Stainless Steel Association, the Japan Wire Products Association, and the Non-Integrated Steel Producers' Association. The groups also noted that the EU opened an anti-dumping (AD) investigation into hot-rolled flat steel products from Japan, Egypt, India and Vietnam in August 2024. Imports of hot-rolled flat steel products from Japan had already dropped after the EU tightened its old safeguard measure in July 2024. The groups criticised the EU for ignoring this trade-restrictive effect when it found injury and imposed final AD duties in September 2025. The EU also launched a separate AD investigation in September 2025 into cold-rolled flat steel products from five countries and entities — Japan, India, Taiwan, Turkey and Vietnam. The groups raised a similar concern, saying AD duties could again be imposed without properly accounting for the trade-restrictive effect of the tightened safeguard measure on those products. The groups said the EU's trade measures are hindering smooth steel trade between Japan and the EU. Japan's government also raised concerns about the EU measures in its "2026 Report on Compliance by Major Trading Partners with Trade Agreements", published in June. The report pointed to inconsistencies with international rules, including WTO agreements and the Japan-EU EPA. The groups said the EU's unfair trade measures are hindering the smooth export of steel products by Japanese companies to the European market. They called on the Japanese government to pursue persistent negotiations with the EU. They also urged Tokyo to work toward an early resolution of the issue. By Fumito Nagase Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
BYD, Greenvolt to develop Poland energy storage project
BYD, Greenvolt to develop Poland energy storage project
Beijing, 2 July (Argus) — China's largest electric vehicle producer and major battery manufacturer BYD has signed an agreement with Poland-based renewable energy developer Greenvolt Power to jointly develop the Siedlce battery energy storage project in Poland, further expanding BYD's presence in the European energy storage market. The project will have a storage capacity of 600MW/2.4GWh and is expected to become Poland's largest battery energy storage facility once completed. Construction is scheduled to begin in the third quarter of 2026, with commercial operations targeted by the end of 2027. BYD will supply its Haohan energy storage system for the project. The system uses the company's 2,710Ah Blade battery, which BYD describes as the world's largest battery cell designed specifically for energy storage applications. The system has a unit capacity of 14.5MWh and can deliver 10MWh of storage capacity within a standard 20-foot container configuration. The agreement marks the latest collaboration between BYD Energy Storage and Greenvolt Power in Poland. The two companies have previously partnered on two energy storage projects in the country, with a combined capacity of 1.6GWh. The project underscores growing investment in large-scale battery energy storage across Europe as developers seek greater grid flexibility and support for expanding renewable power generation. Chinese battery companies are accelerating expansion into overseas energy storage markets through partnerships with international firms, supported by rapidly growing global demand for energy storage. Rapid growth in global energy storage deployment is expected to support long-term lithium demand, as lithium iron phosphate (LFP) batteries currently account for more than 90pc of new storage installations. Argus -assessed lithium-iron-phosphate (LFP) stood at 55-61 yuan/kg ($8.09-8.90/kg) ex-works on 24 June, up from Yn59-64/kg on 17 June. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump seeks to rewrite USMCA terms by 2036
Trump seeks to rewrite USMCA terms by 2036
Washington, 1 July (Argus) — President Donald Trump's administration will attempt to substantially revise terms of the US-Mexico-Canada (USMCA) trade agreement in the next decade, triggering a protracted negotiation period that could end with the treaty expiring in 2036. The USMCA, negotiated during Trump's first term in 2018-20, set 1 July 2026 as a deadline for the three countries to agree on an extension, or to seek to revise its terms. The Trump administration has decided not to renew the deal in its current form, said Jamieson Greer, who heads the US trade representative's office (USTR), on Wednesday. That decision does not immediately terminate the USMCA. The three countries will now hold annual reviews to seek consensus on a long-term extension beyond 2036, but any country can withdraw from the pact with six months' notice. Greer's counterparts, Mexico's economy minister Marcelo Ebrard and Canada's trade minister Dominic LeBlanc, issued statements on Wednesday stressing that the agreement remains fully in force despite the US decision. Public comments submitted to the USTR and US congressional hearings earlier this year showed broad support from energy, agriculture and other sectors for renewing the trade deal without changes. But Trump has made it clear he was opposed to the renewal. "I'm not a big fan of" USMCA, he said last month. "We do better without an agreement." The USTR has cited rising US trade deficits with Mexico and Canadian countermeasures during last year's trade war the White House launched with its neighbors as reasons for the decision not to automatically renew the USMCA. Greer told US lawmakers previsously USTR will push to shore up US content requirements in products covered by the USMCA, especially in auto manufacturing. The agency will maintain its policy of exempting North American trade in energy, fertilizers and minerals from future tariffs. USTR officials also told lawmakers that the US administration may seeks separate agreements with Mexico and Canada instead of a three-way deal. Ottawa and Mexico City have shown little support for that approach. The USMCA provided a buffer against tariffs that Trump's administration leveled on Canadian and Mexican imports last year and is trying to recreate after the US Supreme Court in February struck down his ability to impose tariffs at will. Canada and Mexico still face higher steel and aluminum tariffs than before Trump returned to office, but the USMCA has exempted most trade between the three countries from tariffs. Trump's decision not to automatically renew the deal will weigh on investment and business decisions in the next decade, private sector executives have said. "Once we get past 1 July, the forecasts change and economic conditions will gradually worsen every month no resolution is reached," said Victor Herrera , chief economist at Mexico's finance executives' association IMEF. "Investment will not pick up until that renewal is final." The USTR will hold another round of trade talks with Mexico on 20 July to discuss possible changes, Greer said. Canada will focus USMCA review discussions with the US "on addressing sectoral tariffs on Canadian steel, aluminum, autos and lumber," LeBlanc said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.