Metals Fall As Trump Stirs Trade Worries With BRICS Threat

Copper and other industrial metals extended losses after U.S. President Donald Trump injected fresh uncertainty into his trade agenda by pledging to impose a 10% tariff on countries aligned with the BRICS bloc of nations, Katharine Gemmell reported for Bloomberg News.

Industrial metals have fared reasonably well in recent months, with copper being buoyed by a surge in shipments to the U.S.

The duty would be charged on top of any existing tariffs, and there would be no exceptions to the policy, Trump said in a Sunday-night post on Truth Social. BRICS is a grouping that includes Brazil, Russia, India, China, and South Africa.

This week, the U.S. is expected to finalize its reciprocal tariffs, aimed at narrowing trade deficits.

Details on sector-specific tariffs intended to boost U.S. industrial production—including aluminum, steel, and copper—are still under discussion. Currencies from developing countries, including the yuan, came under pressure. China is the world’s largest metals importer.

Industrial metals broadly fell on the London Metal Exchange. Aluminum slid 1% to $2,564.50 a ton.

Copper lost 0.6% as of 11:11 a.m. local time. The U.S. president is expected to send tariff letters to as many as 15 trade partners on Monday, Treasury Secretary Scott Bessent said in a CNN interview.

He also noted that the revised tariffs will take effect on August 1 and suggested some countries may be able to negotiate beyond the president’s original deadline of July 9.

Despite economic uncertainty stemming from Trump’s push to reshape global trade relations, industrial metals have fared reasonably well in recent months. Copper, in particular, has been buoyed by a surge in shipments to the U.S.