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Europe markets open: stocks rise; Trump announces 50% copper tariff, threatens pharma

by July 9, 2025
by July 9, 2025

European stock markets started Wednesday’s session with modest gains, as investors carefully navigated a complex and often contradictory global trade landscape.

While fresh tariff threats from US President Donald Trump have kept markets on edge, the absence of new duties on the European Union is fueling hopes that a transatlantic trade deal may be within reach.

About 30 minutes after the opening bell, the pan-European Stoxx 600 index was trading up by 0.1%, with all major national bourses managing to stay in positive territory.

The French CAC 40 and Germany’s DAX both gained a solid 0.4%, while London’s FTSE 100 was 0.1% higher.

This follows a mixed session in Asia-Pacific markets overnight and little change in US futures, as global traders continue to digest the latest trade tariff news.

Global markets have been seesawing this week, reacting to a barrage of headlines from Washington.

After initially suggesting an extension was possible, President Trump has now ruled out moving the August 1 deadline for steep tariffs on 14 countries to take effect.

This has created a tense backdrop for investors, who are trying to decipher the true direction of US trade policy.

Unpacking Trump’s latest tariff volley

The market’s primary focus remains on President Trump’s aggressive and multifaceted tariff strategy.

Here’s a roundup of the key developments from the White House so far this week:

  • New duties on 14 countries: On Monday, President Trump extended the deadline for his “reciprocal tariffs” to August 1, but simultaneously announced new tariff rates ranging from 25% to 40% on 14 specific trading partners.

    The affected countries include Japan, South Korea, Malaysia, Kazakhstan, South Africa, and several others.

  • Tariffs on copper: In a Tuesday Cabinet meeting at the White House, President Trump announced a new front in his trade war.
    “Today, we’re doing copper,” he said, declaring that a new 50% tariff would be imposed on imports of the crucial industrial metal, though he did not specify when these duties would take effect.
  • Threatened tariffs on pharmaceuticals: At the same Cabinet meeting, President Trump reiterated a previous threat to impose severe, sector-specific tariffs on pharmaceutical goods.

    He warned that the sector could face “a very, very high rate, like 200%,” but added that he would “give people about a year, year and a half” until these duties go into effect.

  • No news on the EU (Which is good news): Conspicuously absent from the list of new tariffs was the European Union.

    No new duties targeting the bloc have been announced, and many are interpreting the lack of a formal “letter” from the Trump administration as a positive sign that a trade agreement will be struck before the looming deadline.

    An EU diplomat told CNBC on Monday that any framework deal is likely to include a 10% baseline tariff and may see certain key goods—such as aircraft and spirits—given exemptions.

    It was also widely reported earlier this week that European Commission President Ursula von der Leyen had a “good exchange” with President Trump over the weekend, further fueling hopes of an imminent deal.

Eyes on OPEC and AI as Economic Calendar Stays Light

Beyond the trade drama, market participants will be keeping an eye on comments emerging from the OPEC seminar in Vienna on Wednesday.

They will also be monitoring the latest tech news from the RAISE Summit in Paris, where the outlook for artificial intelligence is a key focus.

With the initial July 9 deadline for reduced tariffs being reached today, traders are assessing the likelihood of more trade deals being finalized between the US and its partners.

The post Europe markets open: stocks rise; Trump announces 50% copper tariff, threatens pharma appeared first on Invezz

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