US copper futures widened their premium to the London benchmark overnight after Trump announced plans to impose a 50% tariff on copper imports. He said the levies would come into effect on August 1.

Trump also threatened a punitive 50% tariff on Brazil’s exports to the US on Wednesday and issued tariff notices to seven minor trading partners.

The latest tariff moves did little to rattle markets as European stocks gained, with Germany’s up 0.1% and United Kingdom’s Financial Times Stock Exchange 100 rising 1% to their respective all-time highs.

Morgan Stanley Capital International’s broadest index of Asia-Pacific shares outside Japan added 0.5%. on US  stock futures took a breather, with Nasdaq futures down 0.1% after the tech-heavy index closed at a record high on Wednesday.

The market reaction to Trump’s tariff developments this week was less severe than in April, and Jeff Ng, SMBC’s Head of Asia Macroeconomic Strategy, said investors had grown somewhat “numb” to the ever-changing situation.

“They know that there is still room for negotiation. A lot of these announcements, they start off with eye-catching numbers, but they are not totally final, and they are still subject to changes. Even if they are implemented, they could also be reversed in the coming few months to year,” he said.

–Reuters–