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The markets are bracing for further turbulence as a trio of major headlines sends ripples through commodities, geopolitics, and tech valuations. The announcement of steep tariffs on copper imports by the U.S., renewed trade threats toward Brazil, and Nvidia’s ascent beyond a $4 trillion market cap mark a defining moment in a summer already heavy with uncertainty.

Copper Tariffs Reignite Trade War Fears

Copper took centre stage after former President Donald Trump announced a staggering 50% tariff on imported copper, citing national security concerns. The move, set to take effect from August 1st, has shocked both commodity markets and global trade partners.

Domestically, copper prices in the U.S. surged to record highs. While this appears to benefit U.S.-based producers in the short term, the reality is more nuanced. The U.S. currently produces only about half of what it consumes, meaning the tariffs are more likely to increase manufacturing costs than encourage new domestic mining at least in the near term.

Global copper prices, particularly on the London Metal Exchange (LME), slipped as traders assessed a possible drop in U.S. demand. highlighting the distorted dynamics now playing out between domestic and global supply chains.

Brazil in the Crosshairs

The copper move was part of a broader salvo of new trade threats. Among the countries receiving notice of potential tariff increases was Brazil, a major exporter of metals, agricultural products, and intermediate goods. Trump’s administration signalled that existing tariffs on key imports could be hiked to 50% a move that has alarmed Latin American trade partners and raised the fear of tit-for-tat retaliation.

Nvidia Surpasses $4 Trillion: A Tech Beacon Amid Chaos

Amid the trade war revival, tech continues to tell a very different story. Nvidia briefly crossed the $4 trillion market cap threshold this week, becoming the most valuable publicly traded company in history eclipsing even the likes of Apple and Microsoft.

Fuelled by insatiable demand for its AI and data centre chips, Nvidia has become the poster child of the new economy. Institutional flows remain strong, and despite macroeconomic headwinds, sentiment around AI and high-performance computing remains remarkably resilient.

While Nvidia’s valuation is lofty by traditional standards, investors appear unfazed. The firm is expected to post another quarter of record revenues, with analysts upgrading forecasts as AI infrastructure spending surges worldwide.

نتیجه‌گیری

Markets are now entering a phase where monetary policy, trade policy, and technological disruption are all colliding. Central banks may struggle to balance inflationary supply shocks with the deflationary pull of innovation.

The weeks ahead will hinge on how aggressively these tariffs are implemented and whether retaliatory measures follow. At the same time, earnings season is ramping up, and all eyes will be on whether Nvidia’s peers like AMD, Intel, and Microsoft can match its blistering pace.

For now, investors must tread carefully. Commodities are flashing red, tech is flying high, and geopolitics is anything but quiet.

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