Trump threatens 50% tariff on Brazil
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"America will, once again, build a DOMINANT Copper Industry," Trump said in a post on his Truth Social media platform.
What Happened in Markets Today Copper prices—and mining stocks—rose after Trump confirmed a 50% tariff on the metal will take effect Aug. 1. Prices for the [metal hit record highs](
President Donald Trump announced on Wednesday night that the United States will impose a 50 percent tariff on copper, effective August 1. Trump wrote on Truth Social that he came to the decision after a "robust NATIONAL SECURITY ASSESSMENT."
The Philippines, Sri Lanka, Algeria, Iraq, Libya, Brunei and Moldova are the latest tariff targets. Read more at straitstimes.com. Read more at straitstimes.com.
President Trump is amping up trade threats, again unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.
The copper market does not appear to think Trump is going to chicken out on his 50 per cent tariffs on the red metal. The copper price rose 13 per cent when the levy was announced — reflecting, presumably, a rush to build US inventories ahead of the tariff’s implementation — and has stayed there. And that’s even after rising steadily for months: