Overview

• President Trump extended reciprocal tariff deadlines to August 1 for 14 trading partners, framing that date as final.
• He announced a 50% levy on imported copper to encourage onshore production.
• He warned that foreign pharmaceutical makers could face up to 200% tariffs if they do not relocate manufacturing to the United States within a year.
• Copper prices soared 13.1% in one session, marking their strongest single-day rally since 1989.
• U.S. stock indexes closed mixed—S&P 500 down 0.1%, Dow down 0.4%, Nasdaq up marginally—while Canada’s TSX lost over 100 points and Australia’s ASX200 slid 0.32%.