INDUSTRIAL metals fell on Monday after President Donald Trump announced plans to impose a 10% tariff on countries aligned with the BRICS bloc, injecting fresh uncertainty into global trade relations, said Bloomberg News.
The duty would be charged on top of existing tariffs with no exceptions, said Bloomberg citing Trump’s comments in a Sunday-night post on Truth Social. BRICS includes Brazil, China, South Africa and India, with China being the world’s biggest metals importer.
Treasury Secretary Scott Bessent indicated the revised tariffs will take effect August 1, telling CNN that Trump will send tariff letters to as many as 15 trade partners. Some countries may be able to negotiate beyond the president’s original July 9 deadline.
Industrial metals fell broadly on the London Metal Exchange, with aluminum sliding 1% to $2,564.5 per ton and copper losing 0.6% by 11:11 a.m. local time. Currencies from developing countries came under pressure, including the yuan.
The announcement comes as the US prepares to finalize reciprocal tariffs aimed at narrowing trade deficits. Details on sectoral tariffs designed to boost American industrial production, including aluminum, steel and copper, remain under discussion, said the newswire.
Despite economic uncertainty from Trump’s efforts to reshape global trade relations, industrial metals have performed reasonably well in recent months. Copper has been supported by a surge of shipments to America ahead of potential trade restrictions.
The tariff threat adds another layer of complexity to global metals markets already navigating supply chain disruptions and shifting trade patterns.
