US President Donald Trump escalated his trade offensive on Sunday, vowing to slap an extra 10 per cent tariff on any country “aligning” with the BRICS bloc, a move that sent industrial metals prices lower on Monday and drew condemnation from the grouping of emerging nations. Trump’s threat on his Truth Social account underscored Washington’s increasingly confrontational trade stance as he warned there would be “no exceptions” for countries perceived to be backing what he labelled “anti-American” BRICS policies.&nbsp;According to Bloomberg, the new levy would be on top of existing tariffs, amplifying fears of a deepening global trade war just as negotiations with key partners enter a critical phase.<h2>Industrial metals extend losses on tariff anxiety</h2>Copper and other industrial metals fell as traders reacted to the latest policy uncertainty. Bloomberg reported copper slid 0.5 per cent to US$9,817 a tonne in Shanghai, marking its third consecutive decline after recently touching a three-month high above US$10,000. Aluminium also dropped 0.5 per cent on the London Metal Exchange as the entire industrial metals complex turned negative.&nbsp;While copper prices had been supported by falling global stockpiles and a weaker US dollar, Trump’s threat of punitive tariffs on BRICS countries introduced a new risk to demand prospects, prompting investors to scale back positions.<h2>A direct warning to BRICS nations</h2>Trump’s message specifically targeted the BRICS grouping, which includes Brazil, Russia, India, China and South Africa, accusing its members of promoting anti-American policies.&nbsp;“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,” Trump wrote on Truth Social.&nbsp;

&nbsp;The threat comes just days before a broader 1 August tariff deadline, with Trump already preparing to notify up to 15 countries of new tariff rates this week. US Treasury Secretary Scott Bessent told CNN that while the revised tariffs would kick in from August, there might still be room for negotiation for some partners before the 9 July cut-off.<h2>BRICS leaders condemn US tariffs</h2>Meanwhile, BRICS leaders meeting at a summit over the weekend condemned what they described as Washington’s “indiscriminate” tariff policies. According to AP, the bloc’s joint declaration raised “serious concerns” about the rise of protectionist measures which they said violated World Trade Organization (WTO) rules, threatening to reduce global trade, disrupt supply chains and create widespread uncertainty.Though the statement avoided naming Trump directly, the criticism was aimed squarely at the mercurial US approach to tariffs, which has oscillated between threats and last-minute deal-making.&nbsp;The BRICS bloc represents roughly half the world’s population and around 40 per cent of global economic output. While politically diverse and often divided on many issues, the group found common ground in pushing back against Trump’s aggressive tariff strategy.<h2>Summit marked by geopolitical tensions</h2>The BRICS summit itself highlighted the group’s complex internal dynamics. Chinese President Xi Jinping skipped the gathering for the first time since coming to power in 2012, while Russian President Vladimir Putin addressed the meeting via videoconference to avoid travelling abroad under an international arrest warrant related to the Ukraine war. The leaders also expressed “grave concern” about the humanitarian crisis in Gaza, called for a ceasefire and reaffirmed their support for a two-state solution.&nbsp;Separately, the bloc offered symbolic backing to Iran, condemning recent Israeli and US strikes on Iranian nuclear and military targets. Iran’s foreign minister told the summit that the consequences of the conflict would not be limited to one country but would damage the entire region, according to AP.<h2>Trade tensions cloud outlook for commodities</h2>The BRICS tariff threat adds yet another layer of uncertainty for commodity markets already grappling with OPEC+ production decisions and broader economic risks. According to Bloomberg, metals prices, which had been resilient thanks to tight inventories and a weaker dollar, now face headwinds as traders assess the impact of a potential fracturing of global trade routes if Trump’s new policy is implemented.&nbsp;With Trump’s wider tariff deadline also approaching on 1 August, investors are bracing for a volatile period where trade headlines could overshadow supply-demand fundamentals, reshaping the outlook for everything from metals to energy.&nbsp;(With inputs from the agencies)&nbsp;

With BRICS condemning US tariff policies and global trade tensions escalating, metal markets, previously buoyed by tight inventories and a weak dollar now confront growing volatility and downside risk.

US President Donald Trump escalated his trade offensive on Sunday, vowing to slap an extra 10 per cent tariff on any country “aligning” with the BRICS bloc, a move that sent industrial metals prices lower on Monday and drew condemnation from the grouping of emerging nations. Trump’s threat on his Truth Social account underscored Washington’s increasingly confrontational trade stance as he warned there would be “no exceptions” for countries perceived to be backing what he labelled “anti-American” BRICS policies. According to Bloomberg, the new levy would be on top of existing tariffs, amplifying fears of a deepening global trade war just as negotiations with key partners enter a critical phase. Industrial metals extend losses on tariff anxiety Copper and other industrial metals fell as traders reacted to the latest policy uncertainty. Bloomberg reported copper slid 0.5 per cent to US$9,817 a tonne in Shanghai, marking its third consecutive decline after recently touching a three-month high above US$10,000. Aluminium also dropped 0.5 per cent on the London Metal Exchange as the entire industrial metals complex turned negative. While copper prices had been supported by falling global stockpiles and a weaker US dollar, Trump’s threat of punitive tariffs on BRICS countries introduced a new risk to demand prospects, prompting investors to scale back positions. A direct warning to BRICS nations Trump’s message specifically targeted the BRICS grouping, which includes Brazil, Russia, India, China and South Africa, accusing its members of promoting anti-American policies. “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,” Trump wrote on Truth Social.

Metal prices face renewed pressure as BRICS backlash against US tariffs heightens fears of trade disruption ahead of Trump’s 1 August deadline.

Metals tumble as Trump threatens 10% tariff on BRICS-aligned nations

The metals market experienced a sharp decline on Wednesday, as concerns about weakening demand from China and a strengthening U.S. dollar triggered selloffs by investors and producers, according to Reuters.

Three-month aluminium on the London Metal Exchange fell by 1.7 per cent to $2,507.50 per metric ton by 1043 gross metric ton (GMT). This drop follows an eight-week high of $2,554 reached on Tuesday, marking a 12 per cent increase since the beginning of August.&nbsp;

Alastair Munro, a senior metals strategist at Marex, explained that systematic buying from funds had paused and that producers were selling into recent rallies. He attributed this shift to disappointing performances in key metals-consuming industries in China, such as the automotive, real estate, and technology sectors. Munro noted that weak factory output and low confidence in China's troubled property market could undermine the recent upward momentum in metals prices.&nbsp;

In addition to aluminium, other metals also saw declines. Copper fell by 1.8 per cent to $9,283 per ton, zinc decreased by 2.3 per cent to $2,874, lead dropped by 1.9 per cent to $2,083.50, nickel declined by 0.9 per cent to $16,980, and tin eased by 0.8 per cent to $33,000.&nbsp;

The recovery of the U.S. dollar from its one-year low also contributed to the downward pressure on metals prices. Traders are awaiting key economic data that could influence the Federal Reserve's policy decisions in its upcoming September meeting.&nbsp;

Furthermore, Nvidia's latest quarterly earnings report has been released, and it may have significant ripple effects across financial markets. Analyst Alastair Munro suggested that any disappointing results from Nvidia could impact not just the stock market but also commodity prices. Despite Nvidia posting a remarkable 122 per cent increase in revenue and announcing a $50 billion stock buyback, its stock fell nearly 7 per cent in after-hours trading.&nbsp;

Currently, the metals market is highly responsive to economic indicators from China and shifts in the U.S. financial landscape. How the market reacts to Nvidia's earnings in the coming days could influence overall U.S. market trends and commodity prices.

The metals market experienced a sharp decline on Wednesday, as concerns about weakening demand from China and a strengthening U.S. dollar triggered selloffs by investors and producers, according to Reuters.

The metals market experienced a sharp decline on Wednesday, as concerns about weakening demand from China and a strengthening U.S. dollar triggered selloffs by investors and producers, according to Reuters. Three-month aluminium on the London Metal Exchange fell by 1.7 per cent to $2,507.50 per metric ton by 1043 gross metric ton (GMT). This drop follows an eight-week high of $2,554 reached on Tuesday, marking a 12 per cent increase since the beginning of August. Alastair Munro, a senior metals strategist at Marex, explained that systematic buying from funds had paused and that producers were selling into recent rallies. He attributed this shift to disappointing performances in key metals-consuming industries in China, such as the automotive, real estate, and technology sectors. Munro noted that weak factory output and low confidence in China's troubled property market could undermine the recent upward momentum in metals prices. In addition to aluminium, other metals also saw declines. Copper fell by 1.8 per cent to $9,283 per ton, zinc decreased by 2.3 per cent to $2,874, lead dropped by 1.9 per cent to $2,083.50, nickel declined by 0.9 per cent to $16,980, and tin eased by 0.8 per cent to $33,000. The recovery of the U.S. dollar from its one-year low also contributed to the downward pressure on metals prices. Traders are awaiting key economic data that could influence the Federal Reserve's policy decisions in its upcoming September meeting. Furthermore, Nvidia's latest quarterly earnings report has been released, and it may have significant ripple effects across financial markets. Analyst Alastair Munro suggested that any disappointing results from Nvidia could impact not just the stock market but also commodity prices. Despite Nvidia posting a remarkable 122 per cent increase in revenue and announcing a $50 billion stock buyback, its stock fell nearly 7 per cent in after-hours trading. Currently, the metals market is highly responsive to economic indicators from China and shifts in the U.S. financial landscape. How the market reacts to Nvidia's earnings in the coming days could influence overall U.S. market trends and commodity prices.

Metals prices fall as Chinese demand worries and stronger dollar prompt selloff

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Metals tumble as Trump threatens 10% tariff on BRICS-aligned nations

Metals prices fall as Chinese demand worries and stronger dollar prompt selloff