
On Tuesday, Trump threatened a new 50% tariff on copper imports, but the timing remains unclear. Prices surged to record highs after Trump’s announcement, with futures jumping 15% to $5.68 per pound. Copper has already risen 38% this year due to stockpiling ahead of expected tariffs.
Trump also announced upcoming 200% pharmaceutical tariffs, though implementation may be delayed to encourage domestic manufacturing.
China’s producer prices plunged 3.6% in June year-over-year, the largest decline in nearly two years, amid intensifying price wars and weak demand.
Consumer prices rose slightly by 0.1% in June after four months of decline. Core CPI increased 0.7%, while PPI fell more than expected, continuing a deflationary streak since September 2022.
Markets remained cautious Tuesday as Trump unveiled updates to his tariff policy. The S&P 500 declined 0.07%, the Nasdaq Composite rose 0.03%, and the Dow fell 0.4%. Global markets including Japan’s Nikkei 225, South Korea’s Kospi, and Europe’s Stoxx 600 posted modest gains despite Trump’s tariff announcement on 14 countries.
US Stock futures held steady Wednesday morning as investors tracked Trump’s latest tariff announcements.
In the commodities market, gold dipped yesterday despite concerns regarding Trump’s new tariff threats. The precious metal fell 1.13% to $3,289. Silver maintained its gains as it traded around $36.70
Oil prices continued to rise. Brent broke the $70 resistance level, while West TexasIntermediate (WTI) briefly touched $68 before closing at $67.05
In the Forex market, USDJPY rose 0.37% to 146.59. AUDUSD was up 0.61% as the Reserve Bank of Australia kept interest rates unchanged, pushing the Australian dollar higher against other currencies.
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