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The tax package that President Donald Trump signed into law last month included a rule change that attacked what’s been an important source of revenue for Rivian and Tesla for years.

Canadian Prime Minister Mark Carney said he wants to maximize the impacts of retaliatory tariffs on the U.S. but minimize the pain for Canadian businesses.

Copper rose as traders digested President Donald Trump’s decision to spare the most traded form of the metal from his 50% tariff, while a mine accident in Chile raised supply concerns. 

Under the terms agreed with Washington, the 27-nation bloc faces a 15% U.S. tariff on most of its exports. That rate would also apply to cars rather than the current 25% level.

A top administration official signaled confidence that President Donald Trump’s trade plans will survive even if the sweeping global tariffs are ultimately deemed illegal.

At an average of 15%, the world is still facing some of the steepest U.S. tariffs since the 1930s, roughly six times higher than they were a year ago.

When Trump signed the order late July 31 imposing new tariffs, the start date of the punishing import taxes was pushed back seven days so the tariff schedule could be updated.

President Donald Trump will sign an executive order July 31 imposing new tariff rates on trading partners that take effect Aug. 1, the White House said.

Trump said that goods from Mexico imported into the U.S. would continue to face a 25% tariff, and that autos would face a 25% tariff, while copper, aluminum and steel would be taxed at 50%.

President Donald Trump’s authority to issue sweeping global tariffs under an emergency law was met with skepticism at a federal appeals court hearing July 31, a day before higher rates are set to start.