Europe eked out small gains but Wall Street mostly fell Tuesday as President Donald Trump added tariff threats on copper and pharmaceuticals to his broadening trade agenda.Trump announced plans for a 50 percent duty on copper imports and a potential 200 percent levy on pharmaceuticals a day after the White House sent letters to Japan, South Korea and other countries about tariffs to kick in August 1.The announcement set off a surge in copper prices, which vaulted around 10 percent in New York, setting off a new record for the metal.The effect on equities was more muted. Both the Dow and S&P 500 finished modestly lower after a rollercoaster day, while the Nasdaq was flat.In contrast to Trump’s spring tariff announcements, which sent equities sharply lower, the market is “somewhat shaking it off,” said Victoria Fernandez of Crossmark Global Investments, who noted Trump’s record of tempering tariffs that were initially severe.The market is in a “wait and see mode,” Fernandez said.EToro US investment analyst Bret Kenwell sees investors as being torn between risk and opportunity.”While trade tension may be on the rise again, investors should remember that we’re just one session removed from record highs in the S&P 500 and Nasdaq,” he said. Asian equity markets ended mostly higher, including a 0.3 percent gain in Tokyo following the threatened 25 percent US levy on Japan.”Tokyo’s resilience suggested that investors are treating the move as a headline risk rather than a market-altering shock — at least for now,” said David Morrison, senior market analyst at Trade Nation.Wendy Cutler, vice president at the Asia Society Policy Institute, said the levies on Japan and South Korea “will send a chilling message to others.””Both have been close partners on economic security matters,” she said, adding that companies from both countries had made “significant manufacturing investments in the US in recent years.”The dollar was trading mixed against main rivals while oil prices recovered from earlier dips as Brent crude clambered back above the $70 mark.JPMorgan Chase and Bank of America fell more than three percent and Goldman Sachs dropped nearly two percent following downgrades from HSBC Securities.A note from HSBC called valuations of the banks “increasingly stretched.” While the banks’ operating fundamentals “appear healthy,” macro uncertainties and slower economic growth “seem to be downplayed,” it said.- Key figures at around 1545 GMT -New York – Dow: DOWN 0.4 percent at 44,240.76 (close)New York – S&P 500: DOWN 0.1 percent at 6,225.52 (close)New York – Nasdaq Composite: FLAT at 20,418.46 (close)London – FTSE 100: UP 0.5 percent at 8,854.18 (close)Paris – CAC 40: UP 0.6 percent at 7,766.71 (close)Frankfurt – DAX: UP 0.6 percent at 24,206.91 (close)Tokyo – Nikkei 225: UP 0.3 percent at 39,688.81 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 24,148.07 (close)Shanghai – Composite: UP 0.7 percent at 3,497.48 (close)Euro/dollar: UP at $1.1730 from $1.1709 on MondayPound/dollar: DOWN at $1.3592 from $1.3602Dollar/yen: UP at 146.53 yen from 146.05 yenEuro/pound: UP at 86.27 pence from 86.07 penceWest Texas Intermediate: UP 0.9 percent at $68.33 per barrelBrent North Sea Crude: UP 0.8 percent at $70.15 per barrelburs-jmb/jgc

President Donald Trump said Tuesday that he would not extend an August 1 deadline for higher US tariffs to take effect on dozens of economies, while announcing plans for a separate 50 percent duty on copper imports.The copper levy would broaden a slate of sector-specific actions Trump has imposed since returning to the White House, and sent prices for the metal soaring.”Today we’re doing copper,” the president told a cabinet meeting Tuesday. “I believe the tariff on copper, we’re going to make it 50 percent.”Commerce Secretary Howard Lutnick told CNBC shortly afterward that the rate will likely be implemented at the end of July or on August 1.Trump also said Washington would soon make an announcement on pharmaceuticals, but officials would allow manufacturers time to relocate their operations into the country.”We’re going to give people about a year, a year and a half to come in, and after that, they’re going to be tariffed,” he said. “They’re going to be tariffed at a very, very high rate, like 200 percent.”In recent months, Trump has ordered probes into imports of copper, pharmaceuticals, lumber, semiconductors and critical minerals that could lead to further levies.Lutnick told CNBC that the studies on pharmaceuticals and semiconductors would be completed by the end of the month, with Trump to set policies thereafter.Beyond tariffs impacting sectors, Trump also slapped a sweeping 10 percent tariff on goods from almost all trading partners in April.These would have swiftly risen to steeper levels for dozens of economies including the European Union and Japan, but Trump paused their implementation until July 9.The president this week again delayed their reimposition, pushing it to August 1 while insisting that “no extensions will be granted.”- ‘No extensions’ -In a push for further trade deals, Trump sent a first batch of letters to more than a dozen partners on Monday, including key US allies Japan and South Korea.Products from both countries would be hit with 25 percent duties, Trump wrote in near-identical documents to leaders in Tokyo and Seoul.Indonesia, Bangladesh, Thailand, South Africa and Malaysia were among other countries facing duties between 25 percent and 40 percent.Most countries receiving the letters so far saw US tariffs at similar or unchanged rates from those threatened in April, although some like Laos and Cambodia received notably lower levels.In his messages to foreign leaders, Trump warned of further escalation if there was retaliation against his levies.Lutnick said 15 to 20 more letters could go out in the next two days.Trump added Tuesday that members of the emerging BRICS bloc of nations will face an added 10 percent tariff.- ‘Two days off’ -The Trump administration is under pressure to show results after promising a flurry of deals following its tariff threats.For now, Trump insists that “big money will start coming in on August 1.” Treasury Secretary Scott Bessent added at the cabinet meeting that tariff income could exceed $300 billion by year-end.Trump said Washington was “probably two days off” from sending the EU a letter setting out an updated tariff rate for the bloc.”They’re very tough, but now they’re being very nice to us,” he said.So far Washington has only struck two pacts, with Britain and Vietnam, besides an agreement to dial back tit-for-tat levies with China.Lutnick expects to start a “bigger trade conversation” between Washington and Beijing in early August, alongside Bessent and trade envoy Jamieson Greer.And US talks with Britain are ongoing over steel and aluminum.Trump recently doubled tariffs on imports of both metals to 50 percent while exempting the UK from this increase. But Washington could double the levy on UK steel and aluminum too starting Wednesday, if it determined that London had not complied with the terms of their deal.In threatening tariff hikes on various countries, Trump cites a lack of reciprocity in trading ties.