Copper prices in US hit record high after Trump announces 50% tariff | Trump tariffs

Copper prices, Donald Trump will apply 50% tariff to industrial metals in the last rise of the trade war after announced a record in the United States.

Before a cabinet meeting on Tuesday, Trump said: “Today we are making copper”, proposed a 50% tariff ratio for imports. It also threatened to apply 200% limit tax to drugs, but at one year or one and a half hours.

Comments, up to 40% for more than a dozen countries on Monday, but previously reported before 9 July, the rates of determination of the rates that came into force as of August 1, the president’s constantly changing tariffs were added to the confusion.

Hours after telling the last date for a new upright wave of tasks, “100% company is not a company”, Trump wrote that “no extension” will be given beyond the deadline for August on social media.

On Tuesday night, in another article on the social site, he promised to publish tariff details for seven countries on Wednesday morning. Trump added that the details of more in the afternoon will emerge.

Copper futures in the United States rose to $ 5,682 (£ 4.18) in a night threat to the tariff threat to the tariff threat and reached the highest level of all time. Metal has returned to $ 5,662 since then.

On the contrary, prices at other parts of the world fell in the midst of fear that Trump’s threat -threatening tax could reduce the appetite of the United States for metal and hit the demand globally. At the London Metal Exchange, copper prices fell to 2.4% in the open before making it easier to change hands from one ton of $ 9,653.

Many sources in the EU, which Trump said he could expect a letter about the tariff agreement within the next 48 hours, said that they believe that a framework agreement will be reached this week. The agreement is expected to include title tariff arrangements for a limited number of sectors, including cars, steel and medical devices.

The German Chancellor Friedrich Merz told Fedestag on Wednesday: im I carefully optimize that we can achieve an agreement with the US at the end of the month at the end of the month at the end of the month. ”

Merz, the US government, Trump and the European Commission, “close contact,” and “the US and the European Union between the lowest possible tariffs of mutual trade,” he said.

Diplomats in Brussels say that the EU’s need to recover the calmness in a wider transatlantic relationship and the need and security of the United States due to the defense of the block also increases the desire for a rapid agreement.

European Commission President Ursula von Der Luyen, MEPS on Wednesday in a statement, the negotiations are ready for possibilities in case of collapse, he said.

The European Parliament said, uz We remain loyal to our principles, defend our interests, continue to work in good faith and prepare for all scenarios ”.

US Trade Secretary Howard Lutnick said in an interview with CNBC that he expects copper tariffs to be at the end of this month or at the beginning of August.

Considering the widespread use of Copper in various industries, taxes are expected to increase costs in the locks of the US economy. Metal is located in various products from consumer electronics to cars, data centers and is an important component in creating renewable energy technology.

Carsten Menke, the chief researcher of the Swiss Banking Group Julius Baer, ​​said the new metal tax will be in the US in Turkey and internationally.

Christopher Laftem, an analyst of broker Jefferies, said that the US had no “almost enough” mines, trades and refinery capacity to make the US be self -sufficient in copper. “As a result, import tariffs are likely to lead to significant price premiums in the United States compared to other regions,” he said.

Trump said on Tuesday that pharmaceutical imports can be targeted as high as 200% in the next year and plans to bring new taxes to imported chips.

“We will give people about a year and a half of the year, and after that, they will be a tariff if they need to bring drugs to a very high rate of 200%,” he said.

“We will announce drugs, chips and a few other things – you know, the big ones.”