More Trade Announcements on the Horizon as Trump Stands Firm on Tariffs
Good morning! Welcome to our live coverage of US politics today.
Former President Donald Trump has announced that additional trade-related updates will be shared this morning, following his recent defense of tariffs on Truth Social. In a post late Tuesday, Trump stated, "We will be releasing information regarding a minimum of 7 countries related to trade tomorrow morning, with further details on additional countries to follow in the afternoon. Thank you for your attention to this matter!" This announcement came shortly after he asserted that "tariffs have had ZERO IMPACT on inflation" and reiterated his call for Federal Reserve Chair Jerome Powell to lower interest rates.
On Tuesday, Trump indicated plans to intensify his trade conflict, threatening tariffs of up to 200% on foreign pharmaceuticals and 50% on copper. This follows a wave of confusion surrounding his fluctuating tariff strategies. For instance, just hours after stating that his recent deadline for new tariffs was "not 100% firm," he declared, “no extensions will be granted” past August 1.
Stay tuned as we provide the latest updates on the Trump administration, tariffs, and all developments in US politics.
EU Optimistic About Reaching a Trade Deal Before Trump’s Tariff Deadline
Sources within the European Union revealed that they expect to receive a letter concerning their tariff agreement with the US within the next 48 hours. They are hopeful that a framework agreement will be finalized this week, covering key sectors such as automobiles, steel, and medical devices.
German Chancellor Friedrich Merz expressed cautious optimism in a Bundestag session, stating, "I am cautiously optimistic that we can succeed in reaching an agreement with the US in the next few days, by the end of the month at the latest." He emphasized the importance of connecting US-EU trade with minimal tariffs.
EU diplomats are motivated to restore stability in transatlantic relations and ensure continued US engagement in the EU’s defense and security efforts, driving the push for a swift agreement. European Commission President Ursula von der Leyen assured Members of the European Parliament that the EU is prepared for all scenarios, stating, "We stick to our principles, we defend our interests, we continue to work in good faith, and we are ready for any outcome."
Record High Copper Prices Following Trump’s Tariff Announcement
In a significant move, copper prices soared to a record high in the US after Trump announced a 50% tariff on the industrial metal, escalating his ongoing trade war. During a cabinet meeting on Tuesday, Trump confirmed, "Today we’re doing copper," and he also hinted at a potential 200% border tax on pharmaceuticals in the near future.
Confusion regarding Trump’s tariff policies continues, as he had previously sent letters on Monday outlining rates of up to 40% for over a dozen countries, effective August 1—pushed back from an earlier July 9 deadline. Hours after stating the deadline was "not 100% firm," he reiterated on social media that "no extensions" would be permitted beyond August.
On Tuesday night, Trump also indicated that he would reveal tariff details for seven additional countries the following morning, with more updates to come in the afternoon.
As a result of the tariff announcement, copper futures in the US jumped over 10% to $5.682 per pound, marking an all-time high before slightly retracting to $5.662. However, prices in other regions fell, as concerns grew that Trump’s proposed tariffs could dampen US demand and impact global markets. At the London Metal Exchange, copper prices dipped as much as 2.4% at the start of trading.
This latest development comes just 90 days after Trump initiated his "original tariff bonanza," with today marking a new deadline for trade agreements that could influence future tariffs. Keep an eye on how these evolving trade negotiations and announcements will shape the landscape of US politics and global commerce.
Stay with us for more updates throughout the day!
