What Happened in Markets Today Copper prices—and mining stocks—rose after Trump confirmed a 50% tariff on the metal will take effect Aug. 1. Prices for the [metal hit record highs](

President Donald Trump sent out a slew of letters Wednesday to some global trading partners, advising them of tariff levels as high as 50% for their exports to the United States.

Donald Trump's 50% tariff on Brazilian imports has ignited a diplomatic clash with President Lula, who decried “tutelage” and vowed retaliation. Trump

The Philippines, Sri Lanka, Algeria, Iraq, Libya, Brunei and Moldova are the latest tariff targets. Read more at straitstimes.com. Read more at straitstimes.com.

The copper market does not appear to think Trump is going to chicken out on his 50 per cent tariffs on the red metal. The copper price rose 13 per cent when the levy was announced — reflecting, presumably, a rush to build US inventories ahead of the tariff’s implementation — and has stayed there. And that’s even after rising steadily for months:

President Trump is amping up trade threats, again unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

Trump accused Brazil of "attacks" on US tech companies and conducting a "witch hunt" against its former president Jair Bolsonaro.

The levy is the highest announced so far in Trump’s letters to world leaders this week, and comes after he wrote a lengthy message supporting the former Brazilian leader.