Copper futures in New York surged after US President Donald Trump said he planned to implement a 50% tariff on imports of the commodity, a move that’s likely to spark massive supply-chain ripples through global metal markets.

Global markets shrugged off the news, however, with both Asia-Pacific and Europe stocks staging a muted response Tuesday. One reason is likely to be because of Trump's seemingly more flexible approach to the new policies.

Chile, the world's No. 1 copper producer, is in wait-and-see mode after U.S. President Donald Trump announced a surprise 50% tariff on imports of the red metal, with the Andean nation blindsided while its top miner held out hope of exemptions.

The Yale Budget Lab noted that the letters sent Monday would hike the effective tariff rate on U.S. consumers to the highest since 1934.

Trump and his aides have repeatedly shifted their stance on tariffs since the president’s “Liberation Day” announcement.

Donald Trump has revived his threat to hit major trading partners with steep “reciprocal” tariffs even as he granted a three-week reprieve for countries to negotiate trade deals with the US. The president on Monday sent letters to Japan and South Korea,

The Indian rupee is likely to open marginally higher on Tuesday, helped by the calm in Asian markets despite U.S. President Donald Trump imposing higher tariffs on South Korea and Japan among others.

Donald Trump administration announced a 25 per cent tariffs on Japan, South Korea, Kazakhstan, Malaysia, Tunisia. US announced 30 per cent on South Africa, Bosnia and Herzegovina and 32 per cent on Indonesia.

President Donald Trump has threatened to impose a 10 percent tariff on any country aligned with the BRICS bloc, delivering a potential economic blow to Russia.

President Donald Trump continued to express his displeasure with Russian President Vladimir Putin on July 8 and said he was open to sanctioning him.