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Copper Prices Hit All-Time High on Planned 50% Tariff
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Good morning, CFOs. President Trump plans up to 200% levies on pharmaceuticals; Honeywell aims to streamline ahead of a breakup; and Goldman Sachs hires former British Prime Minister Rishi Sunak.
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U.S. copper prices soared to a new all-time high after President Trump said Washington will slap imports of the metal with a 50% tax.
Futures contracts for copper—key for electrical wiring, motors and more—climbed 13% in the largest single-day price surge in records going back to 1968, according to Dow Jones Market Data.
At a cabinet meeting, the president discussed tariffs of up to 200% on pharmaceuticals and said he might send a letter to the European Union within the next two days threatening to impose steep tariffs on the bloc if it doesn't reach a trade deal with the U.S. On Monday he sent similar letters to 14 countries, mostly in Asia, outlining higher tariffs slated to go into effect Aug. 1.
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Content from our sponsor: Deloitte
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Flashing Yellow Ahead: Adapting IR Messaging to ‘What-If’ Scenarios
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In the face of unexpected volatility, the IR function can sharpen existing skills and develop new ones to help organizations maintain credibility with stakeholders. Read More
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📈 Economic Indicators
The FOMC releases the minutes from its mid-June monetary-policy meeting.
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What Else Matters to CFOs
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Honeywell International has started evaluating strategic alternatives for two of its business units ahead of its split into three companies. PHOTO: BLOOMBERG NEWS
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Honeywell International has started evaluating strategic alternatives for two of its business units, a move the industrial conglomerate said would streamline its business and create value ahead of its split into three companies.
The Charlotte, N.C., company, which makes everything from home thermostats to aircraft-landing gear, on Tuesday said the business under review—its productivity solutions and services unit, as well as its warehouse and workflow solutions segment—serve the transportation, warehouse and logistics markets.
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5,000
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Approximate number of jobs that Daimler Truck said it expects to cut in Germany over the next five years as it shifts production of Mercedes-Benz trucks to a more cost-effective country.
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🎧 New to our WSJ podcast series: Listen here.
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Artificial intelligence is shaking up business in a big way, and recent college graduates are feeling the pinch. WSJ’s Chip Cutter explores the new corporate philosophy emerging around hiring and explains how the promise of artificial intelligence is putting entry-level jobs on the chopping block and less experienced applicants may be forced to pivot. Jessica Mendoza hosts.
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Martin Marietta Materials, the Raleigh, N.C.-based supplier of aggregates and heavy building materials, has named Michael Petro senior vice president and CFO. Petro joined the company in 2015 and had been senior vice president of strategy and development since 2021, Martin Marietta said, adding that he will continue to serve in his strategy-and-development capacity. Robert Cardin, who stepped in as interim finance chief in April after Jim Nickolas left to take the top finance role at CNH Industrial, will continue in his role as senior vice president,
controller and chief accounting officer. —Colin Kellaher contributed to today’s Ledger.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.
Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.
You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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