Wall Street Breakfast Copper retreats, crude oil gains
Jul 9, 2025
The impact of Trump's tariffs on semiconductors and pharmaceuticals shakes up the stock market, leading to fluctuations in copper prices. Meanwhile, crude oil sees a gain, fueled by EIA forecasts and supply disruptions. The discussion also delves into how political distractions can stifle economic growth, along with a study revealing the potential adverse effects of stricter immigration policies on GDP. It's a blend of market movements and political overtones that affects the economic landscape.
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Trump's Tariffs Impact Metals & Pharma
- Trump's plan to impose up to 200% tariffs on pharmaceutical imports aims to incentivize domestic manufacturing.
- This policy escalates trade tensions, evidenced by copper slumping following a proposed 50% tariff on copper imports.
Jobs Data Weakens Metals Demand
- Strong U.S. jobs data reduces expectations for imminent Federal Reserve rate cuts.
- This strengthens the U.S. dollar and Treasury yields, pressuring precious metals like gold and silver downward.
Oil Prices Rise On Supply Fears
- U.S. crude oil prices rose on fears of supply disruptions and downgraded production forecasts.
- The Energy Information Administration cut its 2025 U.S. oil production outlook due to slowed producer activity.