By coinnews 
00:00 Speaker A
It’s time for Yahoo Finance’s Market Minute. Stocks mixed to kick off June as tensions are heating up. China hitting back at President Trump’s claim that it violated the tariff agreement. President Trump and China’s Xi Jinping are likely to speak this week according to CNBC. Steel stocks surging as President Trump announces that he’s doubling the tariffs on imported steel from 25% to 50%, saying this will strengthen the domestic industry. We’re seeing shares of Cleveland Cliffs, Steel Dynamics and Nucor jump on the news. And shares of Biontech, they are higher after announcing that Bristol Myers Squibb will pay the company up to as much as $11 billion to license its next generation cancer drug. Biontech will get $1.5 billion up front, $2 billion per installment through 2028. And we’re seeing sports betting stocks, Flutter and DraftKings falling after Illinois lawmakers approved a tax hike on sports betting. This is part of a bill that still has to be signed by the Illinois governor. It is expected to take effect on July 1st. And that’s your Yahoo Finance Market Minute.