US-UK Arb Hits Record High As Trump Tariff Threat Sparks Copper Market Chaos

The global copper industry had been bracing for tariff tensions since February, when Trump ordered the Commerce Department to lay out the case for imposing them on national-security grounds as part of a review under Section 232 of the Trade Expansion Act. 

However, as Goldman Sachs Base Metals research team notes, while the comment appeared improvised, the short timeline to implementation increases the risk that a 50% tariff could be imposed.