Trump’s Copper Tariffs, China’s Inflation Surprise, and Bitcoin’s Summer Lull: PALvatar Market Recap, July 09 2025

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1:28Stay vigilant. Now, with the public service announcement out of the way, let's jump into today's headlines. As always, none of this is reflective of the views of the real Raoul. OK, looks like we're back in everyone's favourite time of the year, the new tariff each day season. President Donald Trump said the US would increase the tariff on copper imports to 50 % and soon add new levies on pharmaceuticals and semiconductors. US copper futures jumped more than 10 % to a record high as a result. The metal is critical to the production of electric vehicles, military hardware and consumer goods. According to Reuters, the US imports around half of its copper, primarily from Chile, Canada, Mexico and Peru.

2:11Staying with tariffs, the Financial Times reports the EU is close to reaching an agreement with the US, although the bloc expects higher rates than the UK had negotiated. Still, the reports have boosted the performance of European stocks. In economic data releases, China's inflation figures showed an unexpected increase in consumer prices. The 0.1 % year-on-year rise was the first one since January. However, continued producer price deflation deepened to its worst level since July 2023, falling 3.6%. These mixed signals from China contribute to broader concerns regarding domestic demand. Also, we'll get minutes from last month's Federal Reserve meeting later today.

2:55Speaking of central banks, the Reserve Bank of New Zealand followed Australia's lead and maintained interest rates at 3.25%. Officials opted for caution due to global uncertainties related to inflation and growth prospects amidst the tariff uncertainty. The Kiwis also want to ban crypto ATMs in a clampdown on money laundering. According to CoinATM radar data cited by Coindesk, there are more than 38 ,000 crypto ATMs around the world, but only 221 in New Zealand. Meanwhile, Glassnode has warned of a summer lull with Bitcoin Spot and futures volumes at their lowest level in more than a year, and trending downwards.

3:35That's it for today. I'll be back with another market recap tomorrow. See you then.