US Futures Dip after Trump Imposes 50% Copper Tariff; Dollar Extends Decline – Asia Market Wrap

US equity-index futures edged down along with the dollar after President Donald Trump dialed-up trade tensions once again with a 50% tariff on copper and issued a new round of letters imposing higher levies on countries.

Contracts for the S&P 500 index fell 0.3% and a gauge of the dollar dipped by 0.1% Thursday. Treasuries and Asian shares were little changed. Bitcoin held near a record high it hit on Wednesday. Earlier, Brazilian assets plunged after Trump announced new tariff letters, including imposing 50% levy on goods from the country. Demand at Japan’s 20-year government bond auction was lower than the average over the past 12 months.

Copper prices moved higher after Trump said the US would begin levying a 50% tariff on copper imports from Aug. 1, confirming a move, which will hurt producers who rely on the industrial material. Copper futures on the London Metal Exchange – the global benchmark – gained 0.4% to $9,664.50 a ton, while contracts on Comex rose almost 3%.

Global producers have raced to get ahead of Trump’s planned copper levies, including in recent days shifting deliveries to Hawaii and Puerto Rico to cut shipment times.

Investors bearish on US assets had sold the dollar as part of the ‘Sell America’ trade. A gauge of the currency has declined 8.7% this year.