Trade Turmoil: Dollar Surges as Copper Hits Record Amid Tariff Threats
The dollar climbed to a recent high and copper reached a record peak as President Trump widened his trade war with threats of new tariffs on metals, semiconductors, and pharmaceuticals. Markets remain volatile with mixed reactions across the Asia-Pacific and ongoing negotiations with major U.S. trading partners.
The U.S. dollar soared to a near three-week high midweek, as copper surged to unprecedented levels. This market activity followed U.S. President Donald Trump's announcement threatening a hefty 50% tariff on copper. The escalation broadens Trump's global trade war scope.
The President further announced upcoming tariffs on semiconductors and pharmaceuticals, unsettling Wall Street traders on Tuesday, with futures suggesting further downturns. Concurrently, Asia-Pacific markets showed varied responses as they absorbed Trump's latest trade maneuvers, with Japan and South Korea under pressure to finalize trade agreements by an August 1 deadline.
Despite setting firm deadlines, Trump signaled some flexibility, leading analysts to speculate these deadlines are negotiation tactics. Meanwhile, U.S. S&P 500 futures and major Asian indexes reacted with mixed trends while U.S. negotiations continue with the EU and China over tariff frameworks.
(With inputs from agencies.)
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