The US and EU are negotiating new tariffs targeting excess steel production, primarily from China. The proposed tariffs would be part of the Global Arrangement on Sustainable Steel and Aluminum, aimed at resolving a Trump-era trade conflict. The scope of the measures is still in discussion. In other news, China’s FX reserves fell to USD 3.16 tln at the end of August 2023, the lowest in six months, from USD 3.204 tln in the prior month and below market expectations of USD 3.187 trillion, as the USD strengthened against other major currencies.