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Copper Rises to Start Pivotal Week Ahead of US Tariffs Deadline
(Bloomberg) -- Copper rose along with equities after the European Union's deal with the US averted a damaging rift between the two major economies, while traders watch for final details on imminent US tariffs on the industrial metal. The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Budapest's Most Historic Site Gets a Controversial Rebuild Trump Administration Sues NYC Over Sanctuary City Policy Benchmark prices edged higher on the London Metal Exchange, following a tariff agreement that will see the EU face 15% levies on most exports. The deal comes ahead of a US-China meeting in Stockholm that's expected to extend a trade truce for 90 more days. But for copper, the most anticipated development will be the launch of a touted 50% tariff on the metal, with details still unclear ahead of their planned start date on Friday. President Donald Trump's administration hasn't so far confirmed important aspects of the duties, including which products will be covered, whether supplies from all nations will be hit equally, or how metal already on its way to US shores will be treated. Global traders have shipped massive amounts of copper to America to get ahead of tariffs, and Trump's announcement of an Aug. 1 deadline earlier this month triggered a last-minute scramble. Prices in the US are now much higher than those on the LME, but they don't fully reflect a 50% universal tariff rate on all exchange-traded copper. The premium now stands at about 30%. Further important developments lie ahead this week. The Federal Reserve is expect to keep rates unchanged at the conclusion of its policy meeting on Wednesday, but its commentary will be scrutinized for clues on what comes next. There's also a deluge of US data, from the latest on economic growth to jobs. Copper rose 0.6% to $9,824.50 a ton on the LME as of 11:51 a.m. in London. Aluminum was steady while zinc and nickel both edged 0.6% lower. The Bloomberg Dollar Spot Index rose 0.4%. (A previous version of this story corrected the planned date for start of US tariffs.) Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme Scottish Wind Farms Show How to Counter Nimby Opposition ©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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The Craic with Petesy Carroll Friday 20250801
President Trump ignores questions from journalists as he plays round of golf at Scottish resort U.S. President Donald Trump ignored questions from journalists as he played a round of golf at a Scottish resort on Saturday morning. A Sky News journalist was heard asking Trump, "Mr Trump, are you enjoying the Scottish hospitality? Can you escape the Jeffrey Epstein crisis?" referring to convicted sex offender Jeffrey Epstein. Questions over Trump's past ties with Epstein and secret files related to him have dogged the administration despite the president being otherwise at the height of his political influence. 1:03 Now Playing Paused Ad Playing
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EU says Temu in breach of rules to prevent sale of illegal products
BRUSSELS (Reuters) -The European Commission on Monday said Chinese online marketplace Temu was breaking EU rules by not doing enough to prevent the sale of illegal products through its platform. The EU's findings could ultimately lead to a fine of up to 6% of Temu's annual global turnover, the Commission said. "Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform," it said in a statement about Temu. "Specifically, the analysis of a mystery shopping exercise found that consumers shopping on Temu are very likely to find non-compliant products among the offer, such as baby toys and small electronics." The Commission said Temu's risk assessment was inadequate as it was based on general industry information, not on the specifics of its platform. It said that if the Commission's preliminary findings were ultimately confirmed, Temu would be found in breach of the Digital Services Act. "Such a decision could entail fines of up to 6% of the total worldwide annual turnover of the provider and order the provider to take measures to address the breach," it said. Temu can respond to the EU's findings in the coming weeks, an EU spokesperson said, without giving an exact deadline. A Temu spokesperson said the company would continue to "cooperate fully" with the Commission. The findings relate only to one aspect of a broader ongoing EU investigation into Temu, the Commission said. Temu is also suspected of breaching EU rules relating to the use of addictive design features, the transparency of its recommendation systems and its access to data for researchers.
