Quick overview

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President Donald Trump’s remarks triggered financial market turmoil by threatening a “massive increase” in tariffs on Chinese goods, causing copper to plummet the most in five months. On the London Metal Exchange, prices dropped more than 4% below $10,400 per ton, erasing gains that had pushed prices to a record high on Thursday.

Trump stated that the potential actions were being considered in response to China’s recent “hostile” export restrictions on rare-earth elements and related technology. Following the remarks, US stock markets declined sharply, but gold and bonds rose.

Trump is scheduled to meet with Chinese President Xi Jinping in South Korea later this month; however, he stated that he sees “no reason” to attend.

The United States is considering a significant increase in tariffs on Chinese goods entering the country. This announcement follows various actions taken by both the US and China that could disrupt the exchange of materials and technology between the two nations.

LME copper prices had fallen 4.9% to $10,337.50 per ton, and every metal in the market experienced a decline. Additionally, the Comex in New York faced a significant drop in futures contracts.