US copper price hits record high after Donald Trump threatens 50% tariff; more trade letters expected today – business live | Business
Published: 2025-07-09 07:54:42 | Views: 10
US copper prices hit record high as Donald Trump threatens 50% tariff
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
There’s turmoil in the copper market after it became the latest frontline in DonaldTrump’s trade war
The copper price has hit a record high in the US, and fallen in other markets, after DonaldTrump announced he would impose a 50% tariff on imported copper.
During a cabinet meeting at the White House, Trump revealed “Today, we’re doing copper,” adding:
“I believe the tariff on copper, we’re going to make it 50%.”
Copper is a critical element in electric vehicles, the power grid, military hardware and many consumer goods.
It’s known as “Dr Copper” in the financial markets, because its price is a gauge of the health of the world economy.
Investors’ reaction to Trump’s annoucement was swift – copper futures traded in the US jumped by over 10% to $5.682 per pound, closing at an all-time high.
A chart showing the US copper price over the last 20 years Photograph: LSEG
That’s the biggest jump on records stretching to 1969, the Financial Times reported.
More expensive domestic copper, and a 50% tariff on imports of the metal, will add to inflationary pressures on US businesses and consumers.
Trump also said he would soon introduce levies on semiconductors and pharmaceuticals – two shoes which investors have been waiting to drop for months.
Pharmaceutical imports are also “going to be tariffed at a very, very high rate”, the president said. “Like 200%.”
“We’re going to be announcing pharmaceuticals, chips and various couple of other things – you know, big ones,” he added, of the administration’s tariff plans.
The agenda
10:30am BST: Bank of England publishes its latest Financial Stability Report
11am BST: Bank of England press conference
Noon BST: US weekly mortgaage application data
1.30pm BST: Parliamanet’s business committee quiz Trade minister Douglas Alexander and Cabinet Office minister Pat McFadden on economic security
Key events
Trump: more trade news coming up
Donald Trump is expected to send more letters to countries, informing them of new tariff rates or announcing trade deals, today.
Last night on his Truth Social site, the US president wrote:
We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon. Thank you for your attention to this matter!
In a seperate post, Trump also insisted that his new deadline of 1 August to reach trade deals would not slip, writing:
As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!
Copper price outside US falls
Copper prices outside the US have fallen, following Trump’s threat of a 50% tariff on imports.
On the London Metal Exchange, the metal slid as much as 2.4% at the open, before easing to change hands at $9,653 a ton, 1.4% lower, Bloomberg reports.
US copper prices hit record high as Donald Trump threatens 50% tariff
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
There’s turmoil in the copper market after it became the latest frontline in DonaldTrump’s trade war
The copper price has hit a record high in the US, and fallen in other markets, after DonaldTrump announced he would impose a 50% tariff on imported copper.
During a cabinet meeting at the White House, Trump revealed “Today, we’re doing copper,” adding:
“I believe the tariff on copper, we’re going to make it 50%.”
Copper is a critical element in electric vehicles, the power grid, military hardware and many consumer goods.
It’s known as “Dr Copper” in the financial markets, because its price is a gauge of the health of the world economy.
Investors’ reaction to Trump’s annoucement was swift – copper futures traded in the US jumped by over 10% to $5.682 per pound, closing at an all-time high.
A chart showing the US copper price over the last 20 years Photograph: LSEG
That’s the biggest jump on records stretching to 1969, the Financial Times reported.
More expensive domestic copper, and a 50% tariff on imports of the metal, will add to inflationary pressures on US businesses and consumers.
Trump also said he would soon introduce levies on semiconductors and pharmaceuticals – two shoes which investors have been waiting to drop for months.
Pharmaceutical imports are also “going to be tariffed at a very, very high rate”, the president said. “Like 200%.”
“We’re going to be announcing pharmaceuticals, chips and various couple of other things – you know, big ones,” he added, of the administration’s tariff plans.
The agenda
10:30am BST: Bank of England publishes its latest Financial Stability Report
11am BST: Bank of England press conference
Noon BST: US weekly mortgaage application data
1.30pm BST: Parliamanet’s business committee quiz Trade minister Douglas Alexander and Cabinet Office minister Pat McFadden on economic security
