Investors Shrug off the Latest Trump Trade Volleys

Investors remain bullish despite large tariff announcements

Highlights

• Investors remain bullish despite large tariff announcements

• China has yet to escape its deflation backdrop

• Consumers are easing up on their inflation fears

• Valuations have been stretched to historical highs

Key Takeaways

• Copper Craze: The latest tape bomb was the announcement out of the White House that the U.S. is going to impose a 50% tariff on copper imports, precipitating a record +17% spike in U.S. futures and a decline in the global price benchmark (-2.4% on the LME).