Overview

• President Trump confirmed a 50% tariff on imported copper scheduled to take effect by the end of July or early August.
• He announced plans to impose tariffs of up to 200% on pharmaceutical imports within the next year.
• U.S. copper futures surged more than 10% to record highs following the tariff announcement.
• Major equity benchmarks, including London’s FTSE 100 and the STOXX 600, posted slight gains, signaling a muted investor reaction.
• Companies are reallocating supply chains, with pharmaceutical firms boosting U.S. investments and mining groups recalibrating projects ahead of the levies; the administration will inform the EU of its tariff rates within two days.