Global Markets React to Trump's Copper Tariff Announcement

Asia-Pacific markets traded mixed on Thursday as traders assessed the Bank of Korea's decision to keep rates steady and U.S. President Donald Trump's announcement of new tariffs on Brazilian and copper imports. Singapore stocks hit a record high, while Vietnam stocks were upgraded to overweight by JPMorgan after a trade deal with the U.S. Japan's Nikkei 225 slipped, while South Korea's Kospi and Australia's S&P/ASX 200 showed gains.

European markets are expected to open higher on Thursday, July 10, as investors react to the latest developments in U.S. trade tariffs. U.S. President Donald Trump announced a 50% tariff on copper imports, effective August 1, causing Comex copper futures to rise 2.5%. Trump also sent letters to several countries, including the Philippines, Brunei, and Sri Lanka, dictating new U.S. tariff rates. Meanwhile, Porsche expects U.S. import tariffs to shave 300 million euros from its second-quarter earnings. Activist investor Standard Investments halved its stake in Johnson Matthey after a six-month campaign that forced the company into a major overhaul.

US President Donald Trump announced a 50% tariff on copper imports effective August 1, 2025, citing national security concerns. The move caused copper prices to rise 2.62%. The US imports nearly half of its copper, primarily from Chile. Experts warn that increasing domestic production will take time and the tariff may lead to shortages and price increases.

The article discusses the impact of President Trump's announcement of a 50% tariff on copper imports on various industries, including semiconductors, shipbuilding, and lithium-ion batteries. The tariff has caused copper futures to hit a record high, and companies are scrambling to assess the impact on their businesses. While some companies are optimistic about the potential for increased domestic production, others are concerned about the costs and complexities of changing their supply chains. The article highlights the challenges of increasing domestic copper production, including high costs and lengthy permitting processes.