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7 days ago
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IMF says new US tariffs keep trade uncertainty running high
By Andrea Shalal WASHINGTON (Reuters) -The IMF said on Thursday it was closely monitoring the latest U.S. tariffs announcements, saying uncertainty about the global economic outlook remained high and urged countries to work constructively to facilitate a stable trade environment. The IMF said it would offer more details when it releases an update to its April World Economic Outlook in late July, ahead of the new August 1 deadline for trade negotiations. U.S. President Donald Trump on Wednesday expanded a global trade war with a new 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both to start on August 1. He also announced higher tariffs for 21 other countries. "Trade-related developments are evolving and uncertainty remains high," an IMF spokesperson said in response to a query from Reuters. "Countries should continue to work constructively to facilitate a stable trade environment, and address shared challenges." Worries over future U.S. tariffs are clouding the outlook for factories across much of the United States, Asia and Europe, according to surveys released on Tuesday, although they showed some were able to shrug off the uncertainty and keep growing. Analysts said the underlying softness in surveys highlights the challenges facing businesses and policymakers as they try to navigate Trump's moves to shake up the global trade order. Trump administration officials argue that tariffs imposed thus far have not fueled inflation, and say a tax-cut law approved last week will more than offset any temporary negative impact from the additional duties being imposed on trade. The IMF in April slashed its growth forecasts for the United States, China and most countries, citing the impact of U.S. tariffs now at 100-year highs and warning that rising trade tensions would further slow growth. Economic activity has increased since then amid stockpiling ahead of tariffs, and the U.S. and China have backed off steep reciprocal tariffs, which could point to a slight - if temporary - upward revision. Economists say uncertainty remains high and higher tariffs will bite harder in the second half of the year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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7 days ago
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IMF says new US tariffs keep trade uncertainty running high
By Andrea Shalal WASHINGTON (Reuters) -The IMF said on Thursday it was closely monitoring the latest U.S. tariffs announcements, saying uncertainty about the global economic outlook remained high and urged countries to work constructively to facilitate a stable trade environment. The IMF said it would offer more details when it releases an update to its April World Economic Outlook in late July, ahead of the new August 1 deadline for trade negotiations. U.S. President Donald Trump on Wednesday expanded a global trade war with a new 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both to start on August 1. He also announced higher tariffs for 21 other countries. "Trade-related developments are evolving and uncertainty remains high," an IMF spokesperson said in response to a query from Reuters. "Countries should continue to work constructively to facilitate a stable trade environment, and address shared challenges." Worries over future U.S. tariffs are clouding the outlook for factories across much of the United States, Asia and Europe, according to surveys released on Tuesday, although they showed some were able to shrug off the uncertainty and keep growing. Analysts said the underlying softness in surveys highlights the challenges facing businesses and policymakers as they try to navigate Trump's moves to shake up the global trade order. Trump administration officials argue that tariffs imposed thus far have not fueled inflation, and say a tax-cut law approved last week will more than offset any temporary negative impact from the additional duties being imposed on trade. The IMF in April slashed its growth forecasts for the United States, China and most countries, citing the impact of U.S. tariffs now at 100-year highs and warning that rising trade tensions would further slow growth. Economic activity has increased since then amid stockpiling ahead of tariffs, and the U.S. and China have backed off steep reciprocal tariffs, which could point to a slight - if temporary - upward revision. Economists say uncertainty remains high and higher tariffs will bite harder in the second half of the year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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08-07-2025
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Trump says he will impose 50% tariff on copper imports
By Andrea Shalal, Jarrett Renshaw and Ernest Scheyder WASHINGTON (Reuters) -President Donald Trump said on Tuesday he will announce a 50% tariff on copper later in the day, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. Trump's decision to impose copper tariffs surprised markets - coming earlier and at a higher rate than the industry had expected. U.S. Comex copper futures jumped more than 12% after the announcement to a record high. Trump told reporters at a White House cabinet meeting that he planned to make the copper tariff announcement later in the day but he did not say when the tariff would take effect. "I believe the tariff on copper, we're going to make 50%," Trump said. U.S. Commerce Secretary Howard Lutnick said in an interview on CNBC on Tuesday that the copper tariffs would likely be put in place by the end of July or August 1. The Trump administration announced a so-called Section 232 investigation into U.S. imports of the red metal in February. The deadline for the investigation to conclude was November and it was unclear whether the fresh tariffs meant the investigation had concluded. The White House did not immediately respond to a request for comment. The National Mining Association declined to comment, saying it preferred to wait until details were released. The American Critical Minerals Association did not immediately respond to requests for comment. Copper is used in construction, transportation, electronics and many other industries. The United States imports roughly half of its copper needs each year. Major copper projects across the United States have faced strong opposition in recent years due to a variety of reasons, including Rio Tinto and BHP's Resolution Copper project in Arizona and Northern Dynasty Minerals's Pebble Mine project in Alaska. Shares of the world's largest copper producer, Phoenix-based Freeport-McMoRan, shot up nearly 5% in Tuesday afternoon trading. The company, which produced 1.26 billion of copper in the United States last year, did not immediately respond to a request for comment. Freeport - which would benefit from U.S. copper tariffs but worries that the duties would hurt the global economy - has advised Trump to focus on boosting U.S. copper production. Countries set to be most affected by any new U.S. copper tariff would be Chile, Canada and Mexico, which were the top suppliers to the United States of refined copper, copper alloys and copper products in 2024, according to U.S. Census Bureau data. Chile, Canada and Peru - three of the largest copper suppliers to the United States - have told the Trump administration that imports from their countries do not threaten U.S. interests and should not face tariffs. All three have free trade deals with the United States. Mexico's Economy Ministry, Chile's Foreign Ministry and Canada's Finance Ministry did not immediately respond to requests for comment. Chile's Mining Ministry and Codelco copper miner declined to comment. A 50% tariff on copper imports would be a hit to U.S. companies that use the metal because the country is years away from meeting its needs, said Ole Hansen, head of commodity strategy at Saxo Bank. "The U.S. has imported a whole year of demand over the past six months, so the local storage levels are ample," Hansen said. "I see a correction in copper prices following the initial jump." (Reporting By Andrea Shalal and Jarrett Renshaw; Additional reporting by Polina Devitt in London, Divya Rajagopal in Toronto and Fabian Cambero and Daina Beth Solomon in Santiago; Editing by Veronica Brown, Franklin Paul, Cynthia Osterman and Mark Porter) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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08-07-2025
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Trump says he will impose 50% tariff on copper imports on Tuesday
By Andrea Shalal and Jarrett Renshaw WASHINGTON (Reuters) -President Donald Trump said he will announce a 50% tariff on imported copper on Tuesday, an effort to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. U.S. Comex copper futures jumped more than 10% after the announcement. Trump told reporters at a White House cabinet meeting that he planned to make the copper tariff announcement later in the day but he did not say when the tariff would take effect. The Trump administration announced a so-called Section 232 investigation into U.S. imports of the red metal in February. The deadline for the investigation to conclude is in November. The National Mining Association and the American Critical Minerals Association did not immediately respond to requests for comment. Freeport-McMoRan, the largest U.S. copper producer, did not immediately respond to request for comment. (Reporting By Andrea Shalal and Jarrett Renshaw; Editing by Franklin Paul and Cynthia Osterman) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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07-07-2025
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Factbox-Trump letters and who's talking: State of play as tariff deadline nears
By Andrea Shalal WASHINGTON (Reuters) -U.S. President Donald Trump said on Sunday his administration is close to finalizing several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, with the higher rates scheduled to take effect on August 1. Despite promises to work on 90 deals in 90 days, Trump and his team have been able to complete only a limited deal with Britain and a not well-defined agreement with Vietnam. A long-promised deal with India has remained elusive. Here's the state of play for several U.S. trading partners facing deadlines this week: EUROPEAN UNION U.S. officials said they were making good progress with the 27-member European Union, after its top trade negotiator Maros Sefcovic met with officials in Washington last week. EU diplomats said talks were continuing but they had not achieved a breakthrough as of Friday. One EU diplomat said the bloc's regulations on social media and other technology companies, stricter than those in the U.S., were not up for negotiation, and a 17% tariff proposed by the U.S. side on agriculture and food exports remained a big hurdle. EU officials have said they are open to a U.S. deal that would apply a universal 10% tariff on many of its exports, but want to secure exemptions from sectoral tariffs already in place or planned for pharmaceuticals, alcohol, semiconductors, and commercial aircraft, Bloomberg reported. The EU is also pushing for U.S. quotas and exemptions to effectively ease Washington's 25% tariff on automobiles and auto parts, as well as its 50% tariff on steel and aluminum, the report said, citing people familiar with the matter. JAPAN Japan says it is continuing to seek an agreement with the U.S. while defending its national interest. Japan's tariff negotiator Ryosei Akazawa held "in-depth exchanges" over the phone with U.S. Commerce Secretary Howard Lutnick on Thursday and Saturday, the Japanese government said. The discussions came after Trump this week hammered Japan over what he said was Tokyo's reluctance to import U.S.-grown rice, and accusing Japan of engaging in "unfair" autos trade. He has also called on Japan to import more U.S. oil. On Monday, Trump said Japan could be among those receiving a tariff letter, and suggested it could face duties of up to 35%. INDIA Trump has long promised a trade deal with India, but talks have stalled on disagreements over U.S. tariffs on auto components, steel and agricultural goods. India, which is facing 26% tariffs on its exports to the U.S., has signaled it is ready to slash its high tariff rates for the U.S. but has not conceded on Washington's demands for opening up the agriculture and dairy sectors. On Friday, New Delhi also proposed retaliatory duties against the U.S. at the World Trade Organization, saying Washington's separate 25% tariff on automobiles and some auto parts would affect $2.89 billion of India's exports. INDONESIA Indonesia has offered to cut duties on key imports from the United States to "near zero" and to buy $500 million worth of U.S. wheat as part of its tariff talks to avert a 32% tariff rate. State-owned carrier Garuda Indonesia also plans to buy more Boeing planes as part of a $34 billion pact with U.S. partners due to be signed this week. Accused by some other countries of excessive red tape, Indonesia eased import licensing requirements for some goods and waived import restrictions on plastics, chemical products and other industrial raw materials on June 30, a goodwill gesture ahead of the July 9 deadline. Indonesia has also invited the U.S. to jointly invest in a state-owned Indonesian minerals project as part of its tariff negotiations. SOUTH KOREA Despite frequent rounds of talks and some preliminary agreements, South Korea had said it would seek an extension on Trump's July 9 deadline, although talks will continue this week. Wi Sung-lac, President Lee Jae Myung's national security adviser, plans to visit Washington during July 6-8 to discuss a range of bilateral issues. The country's trade minister, Yeo Han-koo was also due to meet with U.S. Trade Representative Jamieson Greer and other U.S. officials. South Korea already imposes virtually no tariffs on U.S. imported goods under a free-trade agreement, and so the U.S. has focused on other issues, including foreign exchange rates and defense costs. Trump often complains about the cost-sharing arrangement for the 28,500 U.S. troops stationed in South Korea. THAILAND Thailand is making a last-ditch effort to avert a 36% tariff by offering greater market access for U.S. farm and industrial goods, along with increased purchases of U.S. energy and Boeing jets, Finance Minister Pichai Chunhavajira told Bloomberg News on Sunday. Thailand's proposals have included reducing its own tariffs, purchasing more American goods and increasing investments. Thailand's initial proposal included measures to enhance market access for U.S. exports and tackle transshipment violations, as well as Thai investment that would create U.S. jobs. Bangkok said also pledged to import more U.S. natural gas and cut tariffs on imports of corn from the United States. SWITZERLAND Switzerland is exploring what concessions it can make to avert a 31% tariff rate on goods it ships to the U.S., including granting the U.S. greater market access for produce like seafood and citrus fruits. But as home to pharmaceutical giants Roche and Novartis, both big U.S. investors, Switzerland also wants assurances that it can avert pharmaceutical tariffs that Trump has threatened to impose at a later date.
