U.S. copper prices hit record highs in the U.S. after Trump announced a 50% tariff. Trump tariffs

Donald Trump announces that he will 50% tariff On industrial metals, in the latest escalation of his trade war.

“We are doing copper today,” Trump said at a cabinet meeting on Tuesday, proposing a 50% import tax rate. He also threatened to impose a 200% border tax on drugs, but for a year and a half.

These comments exacerbate the President’s chaos after the president’s ever-changing tariffs Send a letter on Monday The set rate is up to 40% in more than a dozen countries, but it will take effect from August 1 instead of July 9 as previously reported.

Trump wrote on social media that a few hours after saying his latest new huge wave of responsibility was “not 100% company,” “not 100% company,” “no expansion” would be awarded by the August deadline.

In another article on his truth social networking site Tuesday night, he also promised to post tariff details for seven countries Wednesday morning. Trump added that more details will be revealed in the afternoon.

U.S. copper futures jumped more than 10% on overnight tariff threats to $5.682 (£4.18), an all-time high. Since then, metals’ revenue has returned to $5.662.

Instead, prices fell in the rest of the world due to concerns that Trump’s threatened levy would reduce interest in metals and meet demand globally. On the London Metal Exchange, copper prices fell as much as 2.4% at the Open and then switched hands at $9,653 per ton.

Multiple sources in the EU (Trump said a letter on his tariff agreement could be available within the next 48 hours, and they think they think a framework agreement will be reached this week. The agreement is expected to include title tariff arrangements for a limited sector, including a limited number of cars, steel and medical equipment.

“I am cautiously optimistic that we can reach an agreement with the United States in the next few days, at the end of this month, at the latest in the next few days,” German Chancellor Friedrich Merz told the German federal government on Wednesday.

Meles said he is in “close contact” with the U.S. government, Trump and the European Commission and hopes to reach an agreement as soon as possible to link “mutual trade between the U.S. and the EU with the lowest tariffs.”

Brussels diplomats say the EU needs to restore peace in a wider transatlantic relationship and make the U.S. relevant to the group’s defense and security, which also prompts people to desire a quick deal.

European Commission President Ursula von der Leyen told MEPS on Wednesday that it was ready for unexpected events when the negotiations collapsed.

“We stick to our principles and defend our own interests, we continue to work sincerely and prepare for all circumstances,” she told the European Parliament.

U.S. Commerce Secretary Howard Lutnick said in an interview with CNBC that he hopes copper tariffs can be reached by the end of this month or early August.

The levy is expected to promote costs across key segments The U.S. economyGiven the widespread use of copper in various industries. Metals are present in everything from consumer electronics to automobiles to data centers and are an important part of building renewable energy technologies.

Carsten Menke, principal researcher at Swiss banking group Julius Baer, ​​said the new metal tax will inflation domestically in the United States and internationally.

Christopher Lafemina, an analyst with broker Jefferies, said the U.S. does not have the capacity to mine, smelting or refineries to be self-sufficient in copper. “So, import tariffs could lead to a sustained high price premium in the United States relative to other regions,” he said.

Trump said on Tuesday that drug imports It is also possible to impose tariffs at a rate of up to 200% Next year, there are plans to introduce new levies on imported chips.

“We will give people about a year and a half, and then if they have to bring medicines into the country at a very high rate, they will be subject to tariffs,” he said.

“We’re going to announce medicines, chips and all sorts of other things – you know, large.”