U.S. President Donald Trump signed a proclamation on 31 July imposing a universal 50% tariff on imports of semi-finished copper products and other copper-intensive derivatives, citing national-security authorities under Section 232. The levies take effect 1 August, while upstream materials such as copper ore, concentrates, mattes, cathodes, anodes and scrap are exempt. The copper action was paired with a sweeping overhaul of the broader tariff regime. A separate executive order raises import duties on nearly 70 trading partners, lifting Canada’s rate to 35% and setting new bands that include 39% on Switzerland, 40% on Laos and Myanmar, 25% on India, and 20% on Taiwan and Vietnam. The Bank of Canada had earlier estimated the effective tariff rate on Canadian goods had already risen by about five percentage points. Analysts at Bloomberg Economics calculate that, once the measures are fully in force next week, the average U.S. tariff rate will climb to roughly 15.2%, while RBC BlueBay puts the eventual figure closer to 18%, up from 2.3% in 2024. Financial markets recoiled. Copper futures have fallen as much as 18% over the past fortnight, and an estimated US$1.1 trillion was wiped from U.S. equity valuations in Friday’s broad sell-off. Federal Reserve officials including Cleveland’s Beth Hammack and Atlanta’s Raphael Bostic said the labour market is slowing and warned that higher import costs could complicate the inflation outlook, though they signalled no immediate change to this week’s policy decision. The diplomatic repercussions spread quickly. Industry sources told Reuters Indian state-owned refiners halted Russian crude purchases last week after Trump threatened 100% tariffs on countries continuing to buy oil from Moscow, underscoring how the new trade stance is starting to reshape energy flows as well as goods commerce.