Trump's Trade War Intensifies, Sending Ripples Through Global Markets
The U.S. dollar reached a 2.5-week high as Trump announced new tariffs, impacting copper prices and global markets. Asian markets had mixed reactions, with the Nikkei rising and Australia's index falling. U.S. futures indicated continued market weakness.
Amid escalating tensions in global trade, the U.S. dollar neared a 2.5-week high this Wednesday following President Donald Trump's recent tariff announcements. The copper market reacted with overnight surges, only to adjust following Trump's decision to impose a 50% tariff on the metal.
Asian-Pacific markets showed varied responses; Japan's Nikkei and South Korea's KOSPI saw gains, while Australia's and Hong Kong's indices declined. The U.S. markets also showed signs of instability as Trump hinted at hardline tariff decisions against major trading partners like Japan and South Korea.
While trade talks with the EU and China have had some positive notes, the imposition of tariffs continues to create global uncertainty. Copper futures in the U.S. saw record highs, reflecting the metal's importance in diverse industries, while the U.S. dollar maintained its strength.
(With inputs from agencies.)
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