Funding & Business
Struyven: OPEC Production Cuts Always Seemed Temporary
Oil steadied as traders weighed a large increase in US crude stockpiles and a wave of new tariff rates from President Donald Trump. Meanwhile senior officials from three of OPEC’s core producer nations, Saudi Arabia, UAE, and Kuwait have said that the global market needed the recent decision to further hike supply. Daan Struyven, Co-Head of Global Commodities Research at Goldman Sachs spoke to Bloomberg’s Horizons Middle East and Africa anchor Joumanna Bercetche on the sidelines of the OPEC Seminar in Vienna. (Source: Bloomberg)
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President Donald Trump said the US would begin levying a 50% tariff on copper imports from Aug. 1, confirming a move that will hurt American producers of everything from automobiles to appliances.
The higher-than-expected levy was signaled by Trump in comments to reporters on Tuesday, but the president took to Truth Social late Wednesday to confirm the start date — and blamed previous administrations for the decline of America’s copper clout.
“This 50% TARIFF will reverse the Biden Administration’s thoughtless behavior, and stupidity,” Trump said. “America will, once again, build a DOMINANT Copper Industry.”
Bloomberg’s Joe Deaux reports. (Source: Bloomberg)
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Mortgage rates in the US rose for the first time in six weeks.
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Mexico’s central bank signaled that the pace of interest rate cuts is likely to slow after last month’s half percentage-point reduction.
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