Metals Fall as Trump Stirs Trade Uncertainty With BRICS Threat

(Bloomberg) -- Copper and other industrial metals extended losses after US President Donald Trump injected fresh uncertainty into his trade agenda with a pledge to impose a 10% tariff on countries aligned with the BRICS bloc of nations.

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The duty would be charged on top of any other 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, China, South Africa and India.

Treasury Secretary Scott Bessent said Monday that the US will make several trade announcements in the next 48 hours. The first announcement from Trump placed tariffs of at least 25% on goods from Japan and South Korea starting August 1. Details on sectoral tariffs geared toward boosting US industrial production, including of aluminum, steel and copper, are still under discussion.

Currencies from developing countries came under pressure, including the yuan. China is the biggest metals importer.

Industrial metals broadly fell on the London Metal Exchange. Aluminum slid 0.6% to $2,573.5 a ton at closing in London while copper lost 0.4%.

The US president will send tariff letters to as many as 15 trade partners on Monday, Bessent said in a CNN interview. He also indicated that some countries may be able to negotiate beyond the president’s original deadline of July 9.

Industrial metals have fared reasonably well in recent months, despite economic uncertainty stemming from Trump’s push to reshape global trade relations with the US. Copper has been boosted by a rush of shipments to America.

--With assistance from Katharine Gemmell.

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