WSJ What’s News Copper Prices Hit Record High as Trump Unveils 50% Tariffs
EU Split on Tariff Deal
- EU member states want a trade deal with the U.S. but are divided on concessions to make.
- Europe accepts any deal will be worse than pre-tariff conditions imposed by Trump.
Trump's 50% Copper Tariffs Spark Record Pricing and EU Trade Tensions
President Trump announced a 50% tariff on copper imports, causing copper prices to soar 13% to a record high during a cabinet meeting. He also threatened the European Union with steep tariffs if a trade deal is not reached promptly, signaling the potential for further economic friction.
EU member states are divided on how to respond to Washington's demands. Germany, highly dependent on exports and its automotive industry, pushes for quick relief, while France worries a deal overly favoring the U.S. could weaken its global trade position.
Despite ongoing negotiations, experts agree any new agreement will leave trade relations worse off than before the tariffs were imposed, reflecting increased economic tensions on both sides. Trump additionally indicated forthcoming tariff increases on BRICS nations and possibly on pharmaceuticals, intensifying trade pressures.
Trump's Tariff Threats Intensify
- Trump plans 50% tariffs on copper and 200% on pharmaceuticals, escalating trade tensions.
- His threats include steep tariffs on the EU if no trade deal is reached soon.