{"id":62928,"date":"2026-06-10T06:38:15","date_gmt":"2026-06-10T10:38:15","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-digest-uk-steel-tariff-u-turn-and-middle-east-tensions-drive-volatility\/62928\/"},"modified":"2026-06-10T06:38:15","modified_gmt":"2026-06-10T10:38:15","slug":"global-markets-digest-uk-steel-tariff-u-turn-and-middle-east-tensions-drive-volatility","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-digest-uk-steel-tariff-u-turn-and-middle-east-tensions-drive-volatility\/62928\/","title":{"rendered":"Global Markets Digest: UK Steel Tariff U-Turn and Middle East Tensions Drive Volatility"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>UK Government signals a major U-turn on steel tariffs<\/strong>, planning to expand exemptions for multiple product categories following intense industry pressure over a looming <strong>60% quota cut<\/strong>.<\/li>\n<li><strong>Boeing (<a href=\"\/stock\/BA\">BA<\/a>) unveils advanced MQ-28 Ghost Bat capabilities<\/strong>, including an increased wingspan and internal weapons bays, significantly extending the combat reach of its autonomous &quot;loyal wingman&quot; platform.<\/li>\n<li><strong>Iraq\u2019s SOMO implements deep oil price cuts<\/strong> for July to maintain market share as regional instability and the closure of the <strong>Strait of Hormuz<\/strong> disrupt traditional shipping routes.<\/li>\n<li><strong>Iranian President Masoud Pezeshkian declares a &quot;neither war nor peace&quot; state unsustainable<\/strong>, emphasizing that Tehran will not abandon the &quot;negotiating table&quot; despite ongoing military exchanges with Israel.<\/li>\n<li><strong>Narendra Modi becomes India\u2019s longest-serving elected Prime Minister<\/strong>, surpassing Jawaharlal Nehru&#39;s record; the Kremlin reaffirmed its commitment to developing ties &quot;in all areas&quot; following the milestone.<\/li>\n<\/ul>\n<h2>UK Steel Policy Shift<\/h2>\n<p>The <strong>UK government<\/strong> is reportedly drawing up plans to modify its steel tariff regime just weeks before new measures were set to take effect on July 1, 2026. According to <em>Sky News<\/em>, the Department for Business and Trade is considering expanding exemptions to more categories of steel to prevent &quot;heavy costs&quot; for domestic manufacturers.<\/p>\n<p>The proposed modifications follow a March announcement that would have slashed tariff-free quotas by <strong>60%<\/strong> and imposed a <strong>50% tariff<\/strong> on imports exceeding those limits. Industry groups warned that the original plan would devastate supply chains for critical infrastructure and defense.<\/p>\n<h2>Boeing Advances Autonomous Combat<\/h2>\n<p>Boeing (<a href=\"\/stock\/BA\">BA<\/a>) showcased significant upgrades to its <strong>MQ-28 Ghost Bat<\/strong> at the ILA Berlin Air Show, highlighting the platform&#39;s evolution into a long-range strike asset. The new configuration features an increased wingspan allowing for <strong>2,000 pounds<\/strong> of additional fuel or mission payloads.<\/p>\n<p>The aircraft can now carry <strong>AMRAAM missiles<\/strong> or <strong>Small Diameter Bombs (SDBs)<\/strong> internally, maintaining its stealth profile while operating alongside crewed fighters like the F-35. Boeing (<a href=\"\/stock\/BA\">BA<\/a>) confirmed these &quot;spiral upgrades&quot; are being developed in partnership with the <strong>Royal Australian Air Force<\/strong> and will be available to allied nations.<\/p>\n<h2>Energy Markets and Regional Conflict<\/h2>\n<p>Iraq\u2019s state-owned marketer, <strong>SOMO<\/strong>, has lowered July official selling prices (OSPs) for its crude grades across Asia, the US, and Europe. This move comes as <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a> remain volatile, with <strong>Brent crude<\/strong> trading near <strong>$97 per barrel<\/strong> following a series of direct military strikes between Iran and Israel.<\/p>\n<p>In Tehran, <strong>President Masoud Pezeshkian<\/strong> addressed the nation, stating that the current state of &quot;neither war nor peace&quot; is detrimental to Iran&#39;s interests. While the <strong>Islamic Revolutionary Guard Corps (IRGC)<\/strong> recently targeted Israeli airbases, Pezeshkian emphasized that &quot;diplomacy and defense&quot; remain the two wings of national power, signaling a desire to stabilize the region through a potential new peace deal.<\/p>\n<h2>Geopolitical Milestones<\/h2>\n<p><strong>Prime Minister Narendra Modi<\/strong> officially became India\u2019s longest-serving elected leader on June 10, 2026, marking <strong>4,399 days<\/strong> in office. The <strong>Kremlin<\/strong> was quick to congratulate the Indian leader, with spokespeople stating they expect Modi to continue developing the &quot;special and privileged strategic partnership&quot; between the two nations.<\/p>\n<p>Russian President <strong>Vladimir Putin<\/strong> recently praised India&#39;s &quot;sovereign&quot; foreign policy at the <strong>St. Petersburg International Economic Forum (SPIEF)<\/strong>, asserting that Western pressure on New Delhi regarding its ties with Moscow is &quot;useless.&quot; Bilateral trade between the two nations is currently projected to reach a future target of <strong>$100 billion<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways UK Government signals a major U-turn on steel tariffs, planning to expand exemptions for multiple product categories following 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