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Copper Soars After Trump Tariff

Copper prices exploded to historic levels Tuesday after President Donald Trump declared during a White House Cabinet meeting that he would slap a 50% import duty on the industrial metal.

Trump’s brief remarks — “Today we’re doing copper. I believe the tariff on copper, we’re going to make it 50%” — sent commodity traders scrambling and futures contracts rocketing upward by as much as 17%.

Copper futures surged to a record $5.95 per pound during intraday trading on the Comex exchange, though contracts closed up 13.12% for the session. This is the strongest single-session performance in 36 years.

You can read more on the matter here.

What’s going on?

• Trump Copper Tariff Announcement Sends Prices to Record Highs (theDeepDive)

• TikTok prepares U.S.-only app, sources say (Globe)

• US Jobs Report: Outside Health Care, Only 15,000 Jobs Added in June (theDeepDive)

• Trump sends tariff letters to seven more countries including Philippines and Iraq (FT)

• Pipeline in the Dark: Resources Minister Says Megaproject Decisions Will “Happen In Private” (theDeepDive)

• OpenAI Closes $6.5 Billion Deal to Buy Jony Ive’s Device Startup (Bloomberg)

• German Industry Faces Worst Crisis Since WWII, Companies Say (theDeepDive)

• Linda Yaccarino Steps Down as CEO of X (WSJ)

• Japan Chose Diplomacy Over Retaliation—and May Have Lost Leverage (theDeepDive)

• South Korean court issues arrest warrant for ex-President Yoon, Yonhap reports (Reuters)

• Bolivian Congress Descends Into Violence Over Lithium Mining Contracts (theDeepDive)

• Copper now costs way more in the U.S. than elsewhere. This could hit its economy hard (CNBC)

What’s the latest?

• OPEC: OPEC plans to increase oil production by 548,000 barrels per day in August, aiming to reclaim market share amid strong global demand. Deloitte Canada's Andrew Botterill said the move follows rising output from the U.S. and Canada post-COVID. Despite the supply boost, prices remain stable—WTI above $68 and Brent just over $70—suggesting demand can absor

• AI: The Czech Republic has banned Chinese AI startup DeepSeek from use in state administration due to cybersecurity concerns. The national cybersecurity watchdog warned of potential unauthorized data access, citing China’s laws requiring firms to cooperate with state authorities. This move follows similar bans by Italy and Australia. The Czech government previously blocked Huawei and ZTE in 2018 for similar reasons.

• NVIDIA: Nvidia became the first public company to hit a US$4 trillion market cap, fueled by booming demand for AI technologies. Its stock has surged 74% since April, despite earlier setbacks from U.S. tariffs and competition from China’s DeepSeek. Nvidia now holds the largest weight on the S&P 500 at 7.3% and is valued higher than all public companies in the U.K. Combined. The company reported $44.1 billion in Q1 revenue and forecasts $45 billion for Q2, with results due August 27.

• Trade War: The EU says it may finalize a trade deal with the U.S. in the coming days, as President Trump threatens more tariffs. Trump plans at least seven new tariff notices, including a 50% levy on copper and upcoming duties on semiconductors and pharmaceuticals. The U.S. effective tariff rate has reached 17.6%, the highest since 1934. Treasury Secretary Bessent says tariff revenues could hit US$300 billion by year-end, while critics warn the trade war is raising costs for consumers and businesses.

• Business: Spin Master Toys UK lost a legal battle over Rubik’s Cube trademarks as the EU’s General Court annulled them, siding with Greek rival Verdes Innovations. The court ruled the cube’s shape is functional and therefore not eligible for EU trademark protection. Spin Master, which acquired the brand in 2021, said it will continue to protect the Rubik’s Cube through other legal avenues. The company may still appeal to the EU’s highest court.

Royal Gold Acquires Sandstorm Gold Royalties and Horizon Copper

The stock market and stuff

• Tesla Stops Optimus Production Due to Persistent Hardware Issues (theDeepDive)

• First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance (theDeepDive)

• Canadian media giant Rogers named as victim of Chinese telecom hackers (NextGov)

• Triple Flag Reports Prelim Q2 Revenue Of $94.1 Million (theDeepDive)

• Amazon Prime Day Sales Drop 14% in Opening Hours Despite Record Projections (theDeepDive)

In the juniors

• Radisson Mining’s O’Brien PEA Pegs $532M NPV5%, 48% IRR If a Toll-Milling Deal Locks In (theDeepDive)

• IsoEnergy and Purepoint Confirm Uranium Discovery In Initial Drilling at the Dorado Joint Venture Project (JMN)

• Emperor Metals Reports Maiden Resource Of 1.46 Million Ounces Of Gold (theDeepDive)

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