{"id":1130516,"date":"2019-08-02T12:05:43","date_gmt":"2019-08-02T17:05:43","guid":{"rendered":"https:\/\/www.mining.com\/?p=998387"},"modified":"2019-08-02T12:05:43","modified_gmt":"2019-08-02T17:05:43","slug":"trump-tariff-tweet-hammers-copper-price-to-7-month-low","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1130516","title":{"rendered":"Trump tariff tweet hammers copper price to 7-month low"},"content":{"rendered":"<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/08\/trade-worries-hammer-copper-price.jpg\" alt=\"\" class=\"wp-image-998395\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/08\/trade-worries-hammer-copper-price.jpg 886w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/08\/trade-worries-hammer-copper-price-300x268.jpg 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/08\/trade-worries-hammer-copper-price-768x686.jpg 768w\" sizes=\"(max-width: 886px) 100vw, 886px\" \/><\/figure>\n<p>The price of copper was hammered on Friday amid an escalating trade war between the world\u2019s two largest economies and a global economic slowdown.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>In early afternoon trading in New York, copper for delivery in July touched a low of $2.5685 a pound ($5,660 a tonne), down 3.6% from Thursday\u2019s settlement to its weakest point for 2019. <\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>The chances of a compromise deal are remote given that China is unlikely to accept US demands for a fundamental change to its industrial policies<\/p>\n<p><cite>\u00a0<strong>Caroline Bain<\/strong>, Chief Commodities Economist\u00a0 \u2013 Capital Economics<\/cite><\/p><\/blockquote>\n<\/figure>\n<p>Copper is now trading  23% below levels seen June last year, technically placing the bellwether metal in a bear market.<\/p>\n<p>US President Donald Trump said on Thursday he would impose an additional 10% tariff on $300 billion worth of Chinese imports starting September 1, meaning effectively all Chinese export are now subject to tariffs of at least 10%.\u00a0<\/p>\n<p>Chief commodities economist\u00a0Caroline Bain of independent research firm Capital Economics says &#8220;the chances of a compromise deal are remote given that China is unlikely to accept US demands for a fundamental change to its industrial policies:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>We anticipate that all Chinese exports to the US will be subject to a tariff of 25% by mid-2020.\u00a0<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>While we forecast that a full-blown trade war would mean that the level of global GDP would be 0.5% lower than it would otherwise have been by end-2020, we think the impact on metals demand will be more severe, which is a key reason why we expect most metals prices to fall further this year.\u00a0<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The price of copper was hammered on Friday amid an escalating trade war between the world&rsquo;s two largest economies and a global [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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