logo
Trump vows steep copper tariffs, broadens trade war

Trump vows steep copper tariffs, broadens trade war

Perth Now08-07-2025
US President Donald Trump has broadened his global trade war as he announced a 50 per cent tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals were coming soon.
One day after he pressured 14 trading partners, including powerhouse US suppliers like South Korea and Japan, with sharply higher tariffs, Trump reiterated his threat of 10 per cent tariffs on products from Brazil, India and other members of the BRICS group of countries.
He also said on Tuesday trade talks have been going well with the European Union and China, though added he is only days away from sending a tariff letter to the EU.
Trump's remarks, made during a White House cabinet meeting, could inject further instability into a global economy that has been rattled by the tariffs he has imposed or threatened on imports to the world's largest consumer market.
US copper futures jumped more than 10 per cent after Trump's announcement of new duties on a metal that is critical to electric vehicles, military hardware, the power grid and many consumer goods.
They would join duties already in place for steel, aluminium and car imports. US pharmaceutical stocks also slid from the day's highs following Trump's threat of 200 per cent tariffs on drug imports, which he said could be delayed by about a year.
Other countries, meanwhile, said they would try to soften the impact of Trump's threatened duties after he pushed back a Wednesday deadline to August 1.
Trump's administration promised "90 deals in 90 days" after he unveiled an array of country-specific duties in early April. So far only two agreements have been reached, with the United Kingdom and Vietnam. Trump has said a deal with India is close.
Trump said countries have been clamouring to negotiate.
"It's about time the United States of America started collecting money from countries that were ripping us off ... and laughing behind our back at how stupid we were," he said.
Trump's administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about $US100 billion ($A153 billion) so far and could reach $US300 billion ($A460 billion) by the end of the year.
The United States has taken in about $US80 billion ($A123 billion) annually in tariff revenue in recent years.
Global markets have not responded dramatically to the latest tariff twists, which come after months of turmoil.
Trump said he will "probably" tell the European Union within two days what rate it can expect for it exports to the US, adding that the 27-member bloc had been treating his administration "very nicely" in trade talks.
The EU, the largest bilateral trade partner of the US, aims to strike a deal before August 1 with concessions for certain key export industries, such as aircraft, medical equipment and spirits, according to EU sources.
Japan, which faces a possible 25 per cent tariff, wants concessions for its large car industry and will not sacrifice its agriculture sector, a powerful domestic lobby, for the sake of an early deal, top trade negotiator Ryosei Akazawa said on Tuesday.
Washington and Beijing agreed to a trade framework in June, but with many of the details still unclear, traders and investors are watching to see if it unravels before a separate, US-imposed August 12 deadline or leads to a lasting detente.
"We have had a really good relationship with China lately, and we're getting along with them very well. They've been very fair on our trade deal, honestly," Trump said, adding that he has been speaking regularly with Chinese President Xi Jinping.
Trump said the United States would impose tariffs of 25 per cent on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30 per cent on South Africa, Bosnia and Herzegovina, climbing to 32 per cent on Indonesia, 35 per cent on Serbia and Bangladesh, 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Runners: I Synergy, ActiveEX, Vanadium Resources & Broken Hill Mines
Runners: I Synergy, ActiveEX, Vanadium Resources & Broken Hill Mines

West Australian

time27 minutes ago

  • West Australian

Runners: I Synergy, ActiveEX, Vanadium Resources & Broken Hill Mines

Global trade tensions weighed heavily on the ASX this week, dragging the index down as the overbought banking sector cooled and the Commonwealth Bank relinquished its title as the world's priciest bank. United States President Donald Trump's threats to impose 30 per cent tariffs on imports again rattled markets, as an August 1 deadline loomed for negotiations that might allow some countries to avoid the levies. Stalled China-European Union trade talks addressing China's overproduction and trade imbalances added to the complex market equation. The consensus is that if global tariffs settle at 15 per cent, it's a pain we can live with. It was a different story for Aussie miners. Buoyed by China's steel supply reforms and proposed mega dams in Tibet, iron ore prices rose to a five-month high of $105 a tonne. Meanwhile, Dr Copper is well and truly back, with the red metal hitting all-time high prices this week of US$12,500 (A$19,000) per tonne. It was a bad week for green diversification, as BP joined a growing list of majors, including Origin Energy, Woodside and Fortescue, in scrapping green hydrogen projects in the Pilbara. With a project pegged at about $54 billion, BP cited a strategic shift back to its core oil and gas business, as fossil fuel demand forecasts continue to see longer tail time horizons for traditional fuels well beyond 2050. This week's Bulls N' Bears Runners reflect the market's mixed mood, with materials soaring and financials stumbling. A plucky AI minnow stole the show when it delivered a 10-bagger in under a week, leaving the ASX stunned. I SYNERGY LIMITED (ASX: IS3) Up 1200% (0.2c – 2.6c) Bulls N' Bears' Runner of the Week is AI-driven digital solutions company I Synergy Limited, which kicked off the week in a big way, with its share price shooting up 700 per cent by Tuesday - curiously on no news to the market. The surge earned management an accompanying 'please explain' from the ASX's autocrats. Intriguingly, the company was unable to quickly extinguish the 'please explain', instead pulling together an announcement about a non-binding memorandum of understanding with Treasure Global Inc. I Synergy said it was negotiating the sale and purchase of advanced AI-based graphics processing units from Treasure and potential joint initiatives to design, develop and deploy AI cloud infrastructure into Malaysia's booming digital economy. Treasure Global, a big NASDAQ-listed tech firm with expertise in e-commerce and AI solutions, makes a prime strategic partner to amplify I Synergy's ambitions in a region craving tech innovation. I Synergy insists they haven't yet reached an agreement, which the company believes could be worth about $600,000 over 12 months via multiple purchase orders. The news caused even more of a stir on Thursday as the stock flew up to a high of 2.6c per share, equating to a 1200 per cent gain on the week on more than one million in stock traded for the day. With AI infrastructure in high demand, this tiny digital dynamo could transform into a regional powerhouse, leaving its penny-stock roots in the dust. ACTIVE EX LIMITED (ASX: AIV) Up 357% (0.7c – 3.2c) Stealing silver on the Runners' list this week was dormant junior goldie ActiveEX Limited, which saw its share price shoot like a lightning bolt on Monday after the company unveiled a maiden mineral resource estimate at its historic Mt Hogan gold mine in northeast Queensland. The little-known Mt Hogan sits within the company's broader Gilverton gold project, which delivered a solid maiden resource of 8.5 million tonnes grading 1.13 grams per tonne (g/t) gold for a respectable 310,000 ounces. Gilverton has a very hot gold address. The world-class 3.5-million-ounce Kidston gold mine, just 50 kilometres northeast, is in the same geological terrain. Kidston churned out more than 1.5 million ounces of gold up to 1990. ActiveEX says its gold riches span an 8km mineralised trend along Mt Hogan granite, with historic drilling confirming it has shallow, high-grade potential. The company's stock opened slowly on Monday at just 1.2c a share, before cracking an intraday high of 3.2c, up some 357 per cent from last week's close of just 0.7c on $330,000 of stock traded. Before the day's share price increase, ActiveEX had a market cap of $1.5 million or about $4.8 per ounce equivalent, which makes for tough sledding in a $5000-an-ounce gold price environment. With two other historic gold centres, Josephine and Comstock, in its portfolio, this long-dormant junior looks ready to unearth a golden bonanza in Queensland's fast-ascending gold-rich terrain. VANADIUM RESOURCES LTD (ASX: VR8) Up 149% (2.05c – 5.1c) Taking out Bulls N' Bears bronze this week is regular Runners' list contender and minerals developer Vanadium Resources. The company shot out of a cannon on Tuesday, after locking in its binding offtake agreement to supply 100,000 tonnes per month of vanadium-rich magnetite direct shipping ore to metals trader China Precious Asia. Vanadium says it will supply 2.4 million tonnes of vanadium-rich magnetite to the heavyweight global metals trader from its world-class Steelpoortdrift vanadium project in South Africa, as soon as December this year. The company says its milestone offtake deal will allow it to establish early cash flows at the fully permitted Steelpoortdrift, a behemoth resource with 680Mt of ore at 0.70 per cent vanadium oxide, which is equivalent to 4.74Mt contained vanadium. Vanadium says China Precious Asia will load and collect the direct shipping ore. The agreement is subject to Vanadium appointing a suitable mining contractor and ensuring the DSO product meets agreed specifications. Management believes material positive operating cash flows can fast-track its development. Steelpoortdrift's vanadium-rich ore also brims with iron-rich magnetite, making it a dual-threat commodity for China's fast-returning steel market. The news sent Vanadium's share price soaring to a new high of 5.1c per share, up from a low of 2.05c at the end of last week, on more than 55 million pieces of paper traded on Tuesday alone. The company has since swiftly completed a $1.2 million capital raise as it seeks out profit-sharing deals and acquisitions to bolster its near-term game plan without derailing the direct shipping ore opportunity. Near-term cash would preserve Vanadium's flexibility to pursue full-scale development at the monster deposit as the iron-ore price begins to improve. Steelpoortdrift's high-grade, low-cost direct shipping option has reinvigorated the company as the former resources minnow vaults into the vanadium big league, potentially self-funding its own mine development. BROKEN HI LL MINES LTD (ASX: BHM) Up 145% (21c – 51.5c) Scooping up the final Runners' spot is a reborn Broken Hill Mining Limited, which re-listed on the ASX on Monday morning after raising $20 million to push forward two operating mines in one of Australia's most storied mining centres. The company unites two Broken Hill mines: Rasp and Pinnacles, which have a rich history dating back to 1883, when prospector Charles Rasp pegged the first block on what became the Broken Hill township. Initially mistaken for tin, his discovery revealed a rich silver vein, birthing BHP - now the world's richest mining company. Centuries later BHP has swapped its New South Wales' roots for Pilbara iron ore and Chilean copper. The original Rasp lode, however, continues to produce and Broken Hill Mines is cashing in on its enduring potential. Rasp hosts an impressive 10.1Mt resource grading 9.4 per cent zinc equivalent – comprising 5.7 per cent zinc, 3.2 per cent lead and 49g/t silver. It produced 25,000 tonnes annulally of zinc equivalent and $20 million in cash flow last year at just 40 per cent plant capacity. The company says its $20 million capital raising will help improve that 40 per cent, as an empty mill means lower efficiency and lower production. Pinnacles, on the other hand, is a high-grade, under-developed gem with a 6Mt resource grading 10.9 per cent zinc equivalent and stellar drill hits such as 8.9 metres at 36.3 per cent zinc equivalent from 11m. Broken Hill Mines says a 4000m drilling program at Pinnacles is underway, with assays pending from 3000m already drilled, aimed at expanding the resource ahead of eventual production. Silver's resurgence and the rebirth of one of Australia's great mining towns fuelled the market's excitement, sending the company's share price rocketing 145 per cent to 51.5c a share from last week's close of 21c. Between Rasp's operation and Pinnacles' shallow high-grade potential, the company looks poised to springboard its silver-lined jackpot back to some of its former glory. Is your ASX-listed company doing something interesting? Contact:

Australia, UK to sign deal to strengthen AUKUS for half a century
Australia, UK to sign deal to strengthen AUKUS for half a century

9 News

timean hour ago

  • 9 News

Australia, UK to sign deal to strengthen AUKUS for half a century

Your web browser is no longer supported. To improve your experience update it here Australia and the United Kingdom are on the verge of signing a 50-year treaty to strengthen the AUKUS alliance even as it is under review by the United States. Some in the Trump administration have cast doubt over the future of the three-nation pact, however the treaty between Australia and the UK is set to shore up the agreement. "This historic treaty confirms our AUKUS commitment for the next half century," UK Defence Secretary John Healey said today. Australia and the United Kingdom are on the verge of signing a 50-year treaty to strengthen the AUKUS alliance. (Australian Defence Force via Get) The treaty is set to be signed during Healey and UK Foreign Secretary David Lammy's current visit to Australia. "Our new bilateral AUKUS treaty is an embodiment of… safeguarding a free and open Indo-Pacific whilst catalysing growth for both our countries," Lammy said. It comes as part of an effort from Australia and the United Kingdom to shore up AUKUS amid conflicting views on the pact within the United States. US under-secretary of defence Elbridge Colby, who is leading the review into the pact, has expressed scepticism about AUKUS in the past. The Trump administration is reviewing AUKUS. (AP) However, Australian Deputy Prime Minister and Defence Minister Richard Marles believes the global geopolitical situation requires allies to strengthen their bonds and collaboration. "We are living at a time where in the Indo-Pacific or in the North Atlantic, the world is volatile, there is great power contest," he said. "We've got ongoing conflicts in Ukraine and in the Middle East, and this is a time where we're really grateful for the closeness of the personal relationships but the significance that we have in the bilateral relationship." "It really now means that our bilateral relationship is right up there as among the most important, if not the most important, that we have in the world." CONTACT US Auto news: BYD speaks out about their ongoing battle with Tesla.

$A's ‘spectacular' iron ore-led rally could extend on Trump-China deal
$A's ‘spectacular' iron ore-led rally could extend on Trump-China deal

AU Financial Review

time2 hours ago

  • AU Financial Review

$A's ‘spectacular' iron ore-led rally could extend on Trump-China deal

The Australian dollar will continue its surprise rise against the greenback if Trump administration officials extend a trade truce with China early next week, supported by an unlikely resurgence in the iron ore price. That is the view of Commonwealth Bank strategists, who say a meeting between Chinese officials and US Treasury secretary Scott Bessent in Stockholm could be 'a catalyst for more Aussie dollar gains'.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store