Trump slaps Brazil with 50% tariff on copper imports starting August 1
U.S. President Donald Trump announced a 50% tariff on copper imports from Brazil, set to kick in August 1. This marks the steepest tariff among recent levies the White House plans to impose. The move targets Brazil amid the controversial trial of ex-president Jair Bolsonaro over an alleged 2022 election coup attempt.
Trump also sent fresh tariff letters hitting goods from Mexico, the Philippines, Brunei, Moldova, Algeria, Iraq, Libya, and Sri Lanka. Mexico, the largest U.S. goods supplier, faces new duties too. The 50% tariff on copper is part of the broader tariff wave rolled out this week. 
Investors seem unfazed. Markets shifted focus from trade tensions to AI gains. Nvidia’s stock surged, briefly pushing its market cap past $4 trillion — a historic first. Meta Platforms, Microsoft, and Alphabet also climbed Wednesday as Wall Street rallied behind AI.
U.S. indexes hit fresh highs. The Nasdaq closed at 20,611.34, up 0.94%. Europe’s Stoxx 600 added 0.78%.
Meanwhile, Starbucks China attracted up to $10 billion in offers from 30 private equity firms, according to sources. And Federal Reserve minutes revealed most officials expect rate cuts ahead, viewing tariff-driven inflation as manageable but economic growth risks rising.
“Officials saw tariff-induced inflation pressures as potentially ‘temporary and modest’ while economic growth and hiring could weaken,” the Fed meeting minutes read.
Markets are clearly betting more on AI’s boom than tariff fallout for now.
Read full updates on Trump’s tariffs and market moves at CNBC.
