President Donald Trump has sent out tariff letters to seven smaller U.S. trading partners in his first batch of import tax announcements of the day.

Copper surged to a record high after Donald Trump said he planned to impose 50pc tariffs on imports of the vital metal. US contracts of copper, an essential part of electrical cables and devices, climbed as much as 17pc to an all-time high after the President’s comments during a White House cabinet meeting.

The European Union will not receive a letter from the Trump administration laying out higher tariffs and there is a possibility of exemptions from the U.S. baseline levy of 10%

There are now at least 21 nations expecting tougher US tariffs from 1 August, unless they can negotiate an exemption by then.

Trump’s new tariffs spark global fallout as EU nears limited trade deal. Japan, South Korea, and BRICS push back amid rising economic tensions and market jitters ahead of August deadline.

The EU is pushing for an exemption from the 10 per cent tariff on certain key products, including aircraft, aircraft parts, and wine and spirits, according to sources familiar with the discussions. So

Chinese businesses are sending increasing volumes of goods to the US via south-east Asia in a bid to evade the tariff wall erected by Donald Trump as part of his trade war, data suggests.