Trump warned that he would push forward with new tariffs if negotiations don’t pan out, adding that it was “highly unlikely” that he would accept Beijing’s request to hold off on the tariff hikes next year.
“If we don’t make a deal, then I’m going to put the $267 billion additional on” at a tariff rate of either 10% or 25%, Trump told the Wall Street Journal. The president first threatened those duties, and the higher tariffs on the initial $200 billion in goods, in late summer.
Along with the trade concerns, copper prices were weakening on softening global economic data. The base metal is a major component in many industries, including construction, and is widely seen as a barometer for global economic health.
For more information on the copper market, visit our copper category.