Trump Administration Announces 50% Copper Tariff Amid Trade Tensions

According to a Bitunix analyst, the U.S. Secretary of Commerce has announced that a tariff policy on copper is set to be implemented as early as August 1st. The Trump administration plans to impose a tariff rate of up to 50% to promote the reshoring of manufacturing. This move comes amidst escalating global trade tensions, with the EU proposing a market open-up plan. The ongoing trade disputes are likely to have significant implications for various industries, including those reliant on copper.

In the financial markets, Trump's chief advisor has publicly criticized Powell, the Federal Reserve chair, labeling him as the "worst Fed chair in history." The advisor warned that if no rate cut occurs by July 29th, it could lead to disastrous consequences, further exacerbating financial market policy uncertainty. This statement adds to the existing volatility and uncertainty in the markets, as investors and analysts closely monitor the Federal Reserve's actions.

Technically, Bitcoin (BTC) is currently facing a key resistance level at $110,348. Short-term liquidation heatmaps indicate significant liquidity support around $107,000. If this support level is breached, the price of BTC may further decline to the $102,560 demand zone. This highlights the delicate balance between supply and demand in the short term, with potential for significant price movements depending on market conditions.

Bitunix analysts recommend a conservative strategy given the short-term impact of trade and monetary policy uncertainties. If BTC stabilizes effectively in the $106,000–107,000 support range, there may be opportunities to retest the resistance level. However, if the price falls below $106,000, caution is advised due to the risk of testing the $102,560 level. It is advisable to manage positions prudently and avoid emotional trading to navigate the current market conditions effectively.