(Bloomberg) -- Copper rallied more than 1% in London after the Washington Post reported that US President-elect Donald Trump’s aides are exploring tariff plans that would be applied to every country but only cover imports of key goods.
Most Read from Bloomberg
Those plans would pare back a pledge made on the campaign trail to apply tariffs on all goods imported into the US, the paper reported, citing three unidentified people familiar with the matter. Trump later denied that his tariff policy will be pared back in a post on Truth Social, but copper and other metals held gains on the London Metal Exchange.
The threat of so-called universal tariffs has weighed heavily on metals markets, with analysts warning that the measures could fuel inflation in the US and exacerbate a slowdown in China’s industrial economy. Instead, aides are discussing targeted tariffs in sectors where Trump wants to boost domestic production, including defense, medical supplies and energy, the paper said.
The dollar fell following the report, lending support to metals by boosting buying power for commodities importers in countries such as China.
Aluminum inched higher, having earlier slumped to a three-month low, amid ongoing concerns that an escalation of trade frictions during Trump’s second term would further pressure China’s currency.
China set its daily reference rate stronger than the line of 7.2 yuan per dollar Monday, reaffirming its support for the currency after last week’s slide fanned speculation policymakers would allow it to depreciate faster.
Copper was 1.6% higher at $9,010 a ton on the LME as of 4:15 p.m. local time. All base metals moved higher on the exchange.
--With assistance from Katharine Gemmell and Martin Ritchie.
Most Read from Bloomberg Businessweek
-
The US’s Worst Fears of Chinese Hacking Are on Display in Guam
-
Zyn’s Online Hype Risks Leading to the Nicotine Pouches’ Downfall
©2025 Bloomberg L.P.