The iron ore market continues to display volatility under the influence of global economic factors. Following a four-day streak of rising prices, futures on iron ore at the Dalian Commodity Exchange have halted their growth. This change comes on the heels of increased taxes on Chinese steel, which dampen demand prospects for this key component in steel production. Meanwhile, reduced inventories at Chinese ports have alleviated the potential for a steeper decline. It is also worth noting that major companies such as Rio Tinto $RIO , BHP Group $BHP and Vale S.A. $VALE remain in focus for many market participants.

In recent years, the U.S. economy has faced numerous challenges that have significantly impacted its stability and dynamics. In light of these circumstances, Scott Bessant, an economist and financial analyst, expressed his views on the critical role of the dollar's global status for the country’s economy. He also emphasized the need to extend the tax cuts introduced by the Trump administration in 2017.The U.S. dollar has long established itself as the world's primary reserve currency, and its significance is hard to overstate. According to Bessant, maintaining this status is a decisive factor for the stability of the U.S. economy. A decline in the dollar's share of international trade could weaken the United States' position on the global stage and increase financial risks for both the government and its citizens. Changes in the global financial landscape, such as the growing popularity of other currencies, could present additional challenges for the country, making it crucial to sustain confidence in the dollar as the world’s currency.