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The Aug. 1 deadline for Trump's 50% copper tariffs signals the endgame for the most profitable trade that industry veterans ...

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Copper retreated from record highs on Wednesday as industry watchers grappled with what a 50% tariff rate on imports would do to the market.

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On Tuesday, Trump reinforced his copper tariff threat — which he initially introduced in February, and said that he would impose 50% tariffs on copper and up to 20%% tariffs on pharmaceuticals.