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US Copper Prices Plunge as Trump Tariffs Exclude Refined Metal
(Bloomberg) -- US copper prices collapsed by more than 19% in minutes after US President Donald Trump excluded the most widely imported form of copper from his planned import tariffs. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus We Should All Be Biking Along the Beach Tariffs of 50% will apply to imports of semi-finished copper products from Aug. 1, but not to imports copper ore or cathodes, the White House said on Wednesday. The move sent shockwaves through the global copper market, after months in which US copper futures have been trading far above the rest of the world in anticipation of Trump's import tariffs. US copper futures on Comex tumbled by more than 19% after the announcement, the largest intraday fall on record. Until Wednesday afternoon, US copper prices had been trading around 28% above benchmark copper futures on the London Metal Exchange, as traders anticipated the tariff would be applied to all refined metal imports. The move to exclude refined copper — known as cathodes — from the tariffs is likely to further upend global trade flows of the metal, which plays a crucial role in the global economy thanks to its widespread use in electrical wiring. Traders have shipped huge volumes of copper to the US in recent months in an attempt to front run the tariffs — a huge stockpile that now may be re-exported. US copper miner Freeport-McMoRan Inc. dropped more than 8%. Russia Builds a New Web Around Kremlin's Handpicked Super App Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Trump signs order implementing additional 40% tariff on Brazil, White House says
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Buzz Feed
13 minutes ago
- Buzz Feed
Gavin Newsom Just Shut JD Vance Down With One Simple Map
In case you didn't know, Texas Republicans are redrawing the state's congressional districts in an attempt to gain five more seats to strengthen their narrow House majority in the 2026 midterm elections. A few weeks ago, Trump said he was encouraging them to do this. When asked if he wanted a complete redraw of the Texas map, Trump said, "No, just a simple redraw. We pick up five seats." Well, that potential new map was released today and it looks like this: Needless to say, Dems aren't happy about it, with some people calling on California and Gavin Newsom to do something: "Gavin Newsom if you can hear me save me Gavin Newsom. Save me Gavin Newsom." JD Vance must have been seeing these tweets because he sent out this one accusing California of gerrymandering, "The gerrymander in California is outrageous. Of their 52 congressional districts, 9 of them are Republican. That means 17 percent of their delegation is Republican when Republicans regularly win 40 percent of the vote in that state. How can this possibly be allowed?" That's when Gavin Newsom jumped in and responded with this: "Try again, dumb dumb." The map Newsom used appears to be from a 2024 map made by the World Population Review. Out of those 11 states, World Population Review says 10 favor Republicans. The 10 states that favor Republicans are Arkansas, Kentucky, Louisiana, North Carolina, Ohio, Pennsylvania, Texas, Utah, West Virginia, and Wisconsin. The one that favors Democrats is Maryland. Soooo, what happens next? The new Texas map will go to the Texas legislature for approval. Gavin Newsom has said he would try to redistrict in California, but that's not allowed under California law. Redistricting in California is carried out by an independent commission. One way new maps could be adopted in California is if the legislature drafts new maps and holds a special election for voters to approve them. I guess we'll see what happens next...