Copper prices drop following Trump's imposition of additional tariffs on BRICS countries

Copper and other industrial metal prices continued to drop after Donald Trump proposed a 10% tariff on goods from BRICS countries. According to Bloomberg, the US president's move has fueled uncertainty over American trade policy.

Trump stated that the new duties would be charged upon existing trade restrictions and there would be no exceptions. The BRICS bloc includes 10 countries, among them Brazil, China, South Africa, and India.

Against this backdrop, copper prices fell to around $9,817 per ton. Aluminum followed the broader downturn on the London Metal Exchange, dropping 0.5%, Bloomberg reports.

As US Treasury Secretary Scott Bessent noted, Donald Trump will issue tariff letters to 15 key trading partners as early as Monday, July 7, with the revised duties taking effect August 1. However, Bessent added that some countries may continue negotiations with the US even after July 9—the initial deadline set by the president for reaching agreements.