Aluminum and Copper Prices Drop Amid Trump’s Tariff Threats on China and Russia
Late Tuesday, Trump stated that his administration was considering imposing a 10% tariff on Chinese imports starting February 1, the same day he previously mentioned that Mexico and Canada could face tariffs of around 25%.
He also pledged tariffs on European imports but did not provide further details.. If a global trade war unfolds, it could ultimately lead to slower economic growth and weaker demand for industrial metals. On Wednesday, China’s Ministry of Foreign Affairs stated that Beijing is willing to maintain communication with the U.S. to “properly manage differences and expand mutually beneficial cooperation.”
As traders wait to see how much of the U.S. trade rhetoric translates into actual action versus what remains a negotiation tactic, a broad trade memorandum signed by Trump on Monday leaves some room for a measured approach.
Among other metals, tin rose 0.2% to $30,265, nickel fell 1.8% to $15,790, lead gained 0.5% to $1,981, and zinc dropped 0.8% to $2,889.
Tariffs on Russia
U.S. President Donald Trump threatened Russia “and other participating countries” on Wednesday with taxes, tariffs, and sanctions if a deal to end the war in Ukraine is not reached soon.
Trump urged his Russian counterpart, Vladimir Putin, to reach an agreement to end the war in Ukraine “now,” warning that failure to do so would result in tariffs and sanctions.
Without a deal, Trump stated in a post on Truth Social, “I have no choice but to impose high levels of Taxes, Tariffs, and Sanctions on anything sold by Russia to the United States and several other participating countries.”
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