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Wall Street remains unsettled by ongoing developments around U.S. trade policy. The Dow Jones is down nearly 0.4%, while the Nasdaq and S&P 500 are flat. The small-cap Russell 2000 rebounds 0.8%.
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Donald Trump reiterated that August 1 is the final deadline for negotiations, and that the EU will receive a trade agreement letter within two days. BRICS countries are facing an additional 10% in tariffs, and some trade deals include rates as high as 60–70%.
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Copper joins steel and aluminum on the tariff list. Trump announced a 50% tariff on copper, a key industrial metal, in a move previously flagged by Commerce Secretary Howard Lutnick. The decision aligns with the U.S. strategy to reduce dependence on copper imports. COMEX copper futures jumped 17% in response.
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That’s not all on tariffs. Trump also said the U.S. will impose 200% tariffs on pharmaceutical products and semiconductors, although no specific rates were provided.
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European markets closed in the green: Germany’s DAX gained 0.55%, France’s CAC40 rose 0.56%, the UK’s FTSE 100 added 0.54%, Italy’s FTSE MIB climbed 0.67%, and Switzerland’s SMI edged up 0.13%. Spain’s IBX35 finished flat.
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In forex, the Australian dollar leads, strengthening about 0.6% against the U.S. dollar after a surprise RBA decision to hold rates steady (vs. consensus: -25 bps). The USDIDX is up 0.1%, mainly at the expense of the yen (USDJPY: +0.45%). EURUSD rebounds 0.1% to 1.172.
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Brent and WTI crude oil halt declines, rebounding 1.1% and 0.9%, respectively. Natural gas futures are also up 1.7%.
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Gold is under pressure, falling sharply by 0.9% today.
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In crypto, most major projects are trading higher. Bitcoin hits $109,000, rising 0.85%.
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