- US, EU seal 15% tariff deal
- Oil gains on trade optimism
Base metals prices on the London Metal Exchange (LME) saw a slight downtrend d-o-d, with nickel decreasing by 0.69% to $15,465/tonne (t). Meanwhile, inventories at LME-registered warehouses registered positive movements d-o-d, with lead recording the highest gain of 2.35%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 804,000/t ex-Delhi, down by INR 4,000/t d-o-d. Aluminium Tense scrap prices also remained stable d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 200,000/t.
Market updates
US confirms tariff deadline of 1 Aug’25 with 15% floor
The US has ruled out any extension to its 1 August tariff deadline, with Commerce Secretary Howard Lutnick confirming that the new tariff regime will take effect as planned. President Trump has set 15% as the baseline tariff rate, potentially going up to 50%, signalling a tougher stance on trade partners. Smaller nations in Latin America, the Caribbean, and Africa will face a slightly lower baseline tariff of 10%. The announcement underscores the administration’s firm approach, leaving countries such as India with limited time to finalise trade agreements before the tariffs are implemented.
US, EU avert trade war with 15% tariff deal
The US and EU struck a framework trade agreement, with a 15% tariff imposed on most EU goods — half of the threatened 30% — averting a major trade war. The deal, announced by President Donald Trump and European Commission President Ursula von der Leyen in Scotland, includes $600 billion of EU investment in the US, plus significant energy and defence purchases. While tariffs on steel and aluminium remain at 50%, many sectors such as aircraft, some chemicals, and semiconductors are exempt. The agreement mirrors parts of the recent US-Japan deal, aiming to boost transatlantic trade ties despite lingering concerns over high tariffs and unresolved issues such as spirits and agricultural standards.
Oil rises as US-EU trade deal boosts optimism
Oil prices climbed up as the US-EU trade agreement and potential extension of the US-China tariff pause improved market sentiment, easing concerns about global fuel demand. Gains were capped by expectations of increased supply from Venezuela and OPEC+ plans to gradually raise output. Global oil demand has been rising, while geopolitical tensions, including threats from Yemen’s Houthis against ships linked to Israel, added caution to the market.
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