US stocks ended Tuesday’s session broadly flat as investors struggled to interpret President Donald Trump’s shifting trade signals. The S&P 500 dipped just 0.07% to finish at 6,225.52, while the Nasdaq inched up 0.03% to 20,418.46. The Dow Jones Industrial Average fared worse, falling 165 points or 0.37% to close at 44,240.76.
Markets initially welcomed Trump’s Monday decision to push back new tariffs to August 1, softening the earlier July 9 deadline. But confidence was rattled again Tuesday after Trump posted on Truth Social insisting the August 1 date was final, with no exemptions. Investors were further unsettled by a new 50% tariff on copper imports, one of several aggressive measures Trump has floated in recent days.
Tariff threats spark copper surge, pressure manufacturers
Copper futures soared 9.5% on the day to US$5.50 a pound, driving a wedge between US and global prices. At one point, the Comex contract traded 25% above the London benchmark, its widest spread on record. The price spike reflects both speculative buying and real concern among manufacturers. US factories rely on imports for nearly half their copper, and the looming tariff is already pushing up costs and eroding competitiveness.
Bloomberg reports that manufacturers are warning of long-term damage, arguing the levies could undermine Trump’s stated aim of reviving domestic industry. A similar 50% tariff has already been applied to steel and aluminium.
Australia set to follow US lead
The SPI futures point to a modest decline of 7 points, tracking Wall Street’s tone. The Australian dollar rose 0.6% to US65.29¢. Copper strength was the standout in commodities, but gold eased 1% to US$3,301 an ounce. Oil and iron ore also edged higher.
