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The German DAX index reached an all-time high of 24,480.30 points, up 1.1% despite uncertainties in trade policy. Investors are hopeful for a trade deal between the EU and US, with the EuroStoxx50 also gaining 1.2%. US President Donald Trump's announcement of a 50% tariff on imported copper has caused mixed reactions, with copper futures surging on the Comex but prices on the London Metal Exchange falling.

The German DAX index reached an all-time high of 24,480.30 points on July 2, 2025, surging by 1.1% despite lingering uncertainties in trade policy. Investors remain optimistic about the prospects of a trade deal between the EU and the U.S., with the EuroStoxx50 index gaining 1.2% [1]. This optimism was fueled by a recent "good exchange" between Commission President Ursula von der Leyen and U.S. President Donald Trump, which underscored the EU's determination to reach an agreement in principle by July 9 [2].

However, the U.S. President's announcement of a 50% tariff on imported copper has sparked mixed reactions in the market. While copper futures on the Comex surged, prices on the London Metal Exchange fell, reflecting the market's response to the new tariff [3]. This development has highlighted the strategic importance of refining expansion in the U.S., which is currently facing a supply gap due to limited refining capacity.

Despite these market fluctuations, investors are hopeful that a trade deal between the EU and the U.S. will provide a boost to global economic growth. The EU is pushing for an agreement in principle by Wednesday, July 9, with the expectation that it will include a 10% baseline tariff [2]. This deal could potentially lower tariffs for strategic sectors and benefit the EU's trade partners.

The U.S. delay in the tariff deadline has also raised questions about the EU's paused retaliation package. A first round of countermeasures is suspended until July 14, covering around €20 billion of U.S. imports, including cranberries and soybeans. A heavier second round, which could potentially target Boeing airliners, still needs to be finalized and voted on [2].

In conclusion, while the German DAX index hit an all-time high, the market remains cautious about the impact of U.S. trade policies and copper tariffs. Investors are closely monitoring the developments in EU-U.S. trade talks and the potential implications for the global economy.

References:
[1] https://ca.investing.com/news/company-news/thomson-reuters-stock-hits-alltime-high-at-20225-usd-93CH-4092180
[2] https://www.politico.eu/article/von-der-leyen-has-good-call-with-trump-as-eu-pushes-for-july-9-trade-deal/
[3] https://www.smartkarma.com/insights/u-s-copper-tariff-impact-refining-expansion-opportunities