Copper tariffs, changing timeline position markets for more volatility

President Trump yesterday threw markets another tariff-related curveball

article-image

Nordroden/Shutterstock modified by Blockworks

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


President Trump yesterday threw markets another tariff-related curveball.

Trump ordered a probe into placing levies on copper imports, a move he hopes will help rebuild domestic metal production. 

Copper is a key material for electric vehicles, military infrastructure and consumer electronics, Trump said in his Tuesday executive order. 

Foreign dominance of copper exports “coupled with global overcapacity and a single producer’s control of world supply chains, poses a direct threat to United States national security and economic stability,” the order read. 

The move once again pushed investors into a risk-off mindset, helping to stabilize gold prices and increase interest in other safe haven assets. Copper futures were also on the rise, with those traded on the Comex gaining as much as 5% today. 

Trump issued the order using Section 232 of the Trade Expansion Act, the same law he used back in 2017 to slap 25% tariffs on aluminum and steel imports. 

To further complicate things, Trump this afternoon apparently gave two different dates for when tariffs against Canada and Mexico will begin, first saying March 4 and later saying April 2, according to a report from Bloomberg. 

As I’ve said before, this market is just waiting for the other tariff shoe to drop — and the changing timeline isn’t helping calm the waters in the meantime. 


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

The Ethereum co-founder suggested LINEA holders would be eligible for other airdrops in cryptic tweet

article-image

The layer-2’s biggest release yet brings benefits — but a post-upgrade outage caused a chain reorg

article-image

Crypto is shifting into risk-on mode — pump.fun dominates meme activity, while Lido leans on treasury maneuvers

article-image

If the president breaks the Fed, he’ll own the budget problems

article-image

Combining Franklin Templeton’s tokenization expertise with Binance’s trading infrastructure could speed crypto adoption, companies say

article-image

The firm’s upcoming filing comes as competition heats up over the USDH stablecoin