Trump’s latest tariff push brings trade threats near “Liberation Day” levels, targeting over two dozen countries with sweeping hikes: 30% blanket tariffs on all imports from Mexico and the EU, 35% on Canada, and a 50% levy on copper. Brazil, Japan, South Korea, and others are also in the crosshairs after the failure of Trump’s “90 deals in 90 days” initiative. While markets remain relatively calm—seeing this as typical “TACO trade” behavior (Trump Always Chickens Out)—the scale and breadth are much wider than before.
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Copper tariffs are particularly significant for U.S. equities. They squeeze margins for companies like Vertiv (VRT), which relies heavily on copper for power and cooling infrastructure in data centers, and for EV makers, where copper is critical to batteries, motors, and wiring harnesses. Meanwhile, a 30% tariff on Mexican imports would sharply raise costs on fruits, vegetables, and auto parts, hitting both grocery prices and just-in-time manufacturing. Canadian tariffs also raise pressure on aluminum and lumber inputs, adding strain to housing and auto sectors.
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Although investors have yet to price in the full risk—treating the threats as negotiating tactics rather than policy—the announced tariffs mirror the initial April levels that spooked markets before being suspended. If these measures are implemented by the August 1 deadline, the calm could quickly break, triggering a broad revaluation across sectors tied to global trade and cheap inputs.

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