U.S. President Donald Trump once again rattled commodity markets by threatening a 50% tariff on copper imports and floating a 200% duty on pharmaceuticals. Despite the headline-grabbing nature of these comments, overall market sentiment remains cautious rather than panicked—especially compared to the volatility seen during the rollout of “Liberation Day” tariffs three months ago. With the August 1 deadline for trade deals now in place—an extension of the prior timeline—investors are viewing the date as potentially flexible, even as Trump insists it’s “firm, but not 100% firm.” Meanwhile, U.S. tariff revenues continue to climb, reflecting the administration’s persistent focus on trade leverage.

Copper was pulled in opposite directions: U.S. futures surged to all-time highs on concerns over the looming 50% import tariff, while prices in London and Shanghai slipped due to limited time for shipments before the new duties potentially kick in. Meanwhile, the dollar remained strong, reaching multi-week highs against the yen and gaining ground broadly, reflecting its safe-haven appeal amid ongoing trade uncertainty. With few major macro events in Europe today, investor focus remains squarely on Washington’s ongoing tariff negotiations with key partners.