US Copper Firms Hike Prices Even After Trump Tariff Reprieve

Commodity

China–U.S. Trade War

Summary:

It’s not clear whether the price increases were a direct response to the tariff decision, and it’s likely to take some time before the full effects on the market are clear.

Major US producers of electrical wire are raising prices just weeks after a surprise decision by President Donald Trump to exempt the most basic copper imports from tariffs, suggesting that American consumers may end up paying more even after metal prices plunged.

Southwire Co. LLC, one of the largest makers of copper wire and cable in the US, and Cerro Wire LLC, a wiremaker owned by Berkshire Hathaway Inc., in recent days announced price increases of 5% across a range of copper wire products, according to a Bloomberg calculation based on their published price sheets.

US copper-processing plants are likely to be the primary beneficiaries of Trump’s shock tariff reprieve.

The president’s decision to apply his 50% import tariff only to manufactured goods containing copper such as wires and cables, and not to unprocessed refined copper as widely expected, means companies like Southwire and Cerrowire will now be paying much less than they feared for the metal they purchase. At the same time, the import tariff on copper-containing goods raises costs for their international competitors shipping products to the US.

And until the US builds more copper processing plants, the added cost on the hundreds of thousands of tons of copper-containing goods it imports each year is likely to be inflationary for US consumers despite a sharp drop in domestic prices for copper itself, analysts say.

“While wire and cable prices are influenced by copper prices, they are not the same. The margin between the two can widen if local producers have more pricing power,” said Aisling Hubert, senior wire and cable analyst at consultancy CRU Group. The tariff means that US producers will have the upper hand in price negotiations with their customers, she said.

It’s not clear whether the price increases were a direct response to the tariff decision, and it’s likely to take some time before the full effects on the market are clear.

Domestic prices for copper wire and cable — used in almost every building, electronic device, and power utility — had already risen sharply before Trump’s decision, according to US government data. An index of prices that forms part of the calculation of producer price inflation hit a record high in July, up 12% from a year earlier.

Neither Southwire nor Cerrowire responded to requests for comment. Southwire, which is one of the largest importers of refined copper into the US, lobbied against tariffs on refined copper imports in a letter to the Department of Commerce earlier this year.

Massimo Battaini, chief executive of Prysmian SpA, which together with Southwire dominates the US wire and cable market, said the tariff decision had been a relief and would likely mean higher profits for his company.

Speaking on a conference call with analysts the day after the announcement, he said: “Local producers, like we are, will benefit from cost of cables imported from overseas much higher than today. So this will certainly benefit our guidance, our forecast for the full year.”

The US imported 810,000 tons of unprocessed copper last year, accounting for 45% of the country’s consumption of 1.8 million tons, according to US Geological Survey data.

While those imports are spared from tariffs, the US also imports hundreds of thousands of tons of copper-containing goods, which are now set to be subject to 50% duties. That includes semi-processed products like copper rod, pipe, tube and sheet, and finished goods like cables. Of the total US cable demand last year, 23% was met by imports.

Domestic Capacity

To be sure, US companies may invest in more domestic capacity to replace imports, reducing the inflationary effect of the tariff. Cable imports would be “difficult to replace in the short term” but new capacity for low-voltage cable can be built in 1-2 years, said Hubert at CRU.

What’s more, there’s significant uncertainty about how broadly the tariffs will be applied. It isn’t clear whether imports from Canada and Mexico, two of the main sources of imports of copper products, would be exempt from the new tariffs under the free trade agreement between the three countries, according to Hubert. For wire rod, an intermediate copper product which is used to make electrical cable, the US sources most of its supplies domestically but relies on imports from Canada and Mexico for 17% of consumption.

Analyst at JPMorgan Chase & Co. said that the US was significantly less dependent on imports of copper products than on refined copper, making the buildout of additional domestic capacity “likely relatively achievable in the coming years.” Still, they predicted “higher end-use prices” in the meantime.

Peter Schmitz, director of global copper markets research at Wood Mackenzie, said that copper accounted for about two thirds of the cost of a cable and 20%-30% of the cost of an electrical motor.

“Is it inflationary? Yes it is,” he said of the tariffs. “Ultimately somebody pays; that is going to be the American consumer.”

Source: Bloomberg

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Adam

Economic

Could the Fed cut rates—and actually cause interest rates to rise?

Absolutely. In fact, it’s a setup I see as very much in play. Today we’re going to talk about a 15%-yielding (!) stock that’s well-positioned to benefit.

Powell Vs. the 10-Year, Round 2

How would this “rate split” come about? To get at that, we need to bear in mind that the Fed only controls the effective Federal funds rate. That’s the “short” end of the yield curve—or the rate at which financial institutions lend to each other.

Meantime, the “long” end—pacesetter for consumer and business loans (including mortgages—more on those shortly) is tied to the 10-year Treasury yield—and has a mind of its own.

This wouldn’t be the first time the 10-year has called out Jay Powell. Last September, the Fed cut rates for the first time since 2020, after hiking to counter the 2022 inflation spike.

The bond market was having none of it. Even as the Fed cut, 10-year Treasury rates jumped, sending Powell a clear message: Slow your roll.

Powell Gives the “All-Clear.” Bond Market Says “Not So Fast”

When the Fed cut rates, it ironically sparked a rally in long yields. Once Powell backed off, leaving the Fed’s rate where it is now, the 10-year yield steadied, too.

History doesn’t repeat, as the saying goes, but it does rhyme. As I write this, inflation is still above target. But even so, July’s CPI report came in below expectations. That’s another point in favor of a lower Fed rate—and a higher 10-year Treasury rate.

And yes, producer prices did jump in July, and tariffs likely played a role. But as we’ve written before, recent studies have found that tariffs are not inflationary, because rising prices depend on a hot economy. A trade war brings in the opposite, since tariffs are a short-term headwind on growth.

And don’t forget that Powell’s term ends in nine months, and whoever the administration appoints is likely to cut quickly—inflation or no.

Mortgage REITs Borrow “Short” and Lend “Long”

In my August 5 article, we looked at business development companies (BDCs) as contrarian plays on this “rate split.” But there are other options, like mortgage REITs (mREITs).

When most people think of REITs, they think of equity REITs—landlords of buildings, such as warehouses and apartments. mREITs deal in paper—buying mortgage loans and collecting the interest.

They make money by borrowing at short-term rates to buy mortgages that pay income tied to long-term rates. The profit is in the difference, so management always wants short-term rates to be lower than long-term ones (which they typically are).

Moreover, the value of these loans gets a nice bump when short-term rates decline and long-term rates hold steady or, better yet, move lower. That’s because lower rates mean mREITs’ mortgages—issued when rates were higher—yield more than newly issued ones, so they’re worth more.

That, in a nutshell, is the setup we’re looking at now. Look at this chart of 30-year mortgage rates. You can see they’re drifting lower now, but not quickly enough to encourage a wave of refinancing or prepayments. The sweet spot for mREITs!

30-Year Mortgages Edge Lower, Boosting mREITs’ Loan Values

This comes at a time when mREITs, as measured by the iShares Mortgage ETF (NYSE:REM), in purple below, have lagged the REIT pack, as measured by the Vanguard Real Estate Index Fund (NYSE:VNQ), in orange.

mREITs Lag the Field, Tee Up an Opportunity

However, as you can also see toward the left of the chart above, mREITs have outperformed for long stretches, such as during the low-rate 2010s. In the coming months, with the gap between mREITs and REITs as a whole still wide and the Fed set to lower rates, we’ve got a nice setup for another run of mREIT outperformance.

To add an extra layer of safety, we’re going to focus on an mREIT dealing in “agency” mortgage-backed securities (MBS)—those guaranteed by Fannie Mae (OTC:FNMA), Freddie Mac (OTC:FMCC) and Ginnie Mae.

A 15% Dividend About to Get “Backup” From the Fed

That would be AGNC Investment Corp. (NASDAQ:AGNC), which yields 15% now. It buys MBS (often through repurchase agreements) and profits off the spread between its loan cost and the yield these assets deliver. Its profits are easy to spot: In the second quarter, its average asset yield was 4.87%, while its average repo cost was 4.44%, down slightly from Q1.

Falling short-term rates would cut its repo costs almost immediately, further widening this spread (and boosting AGNC’s profits). The mREIT did post a modest loss in Q2, but we love the fact that management added to its assets at attractive prices as a result of the April “tariff terror”:

This 15% Dividend May See Big Upside With Fed Rate Cuts_4

Now let’s talk about that 15% dividend. As you can see below, management cut the payout (in purple) when the Fed hiked rates (in orange) through to the end of 2019 and into the COVID lockdown period. We’d expect that, as rising rates boosted repo costs and COVID uncertainty—especially in the early days—put the real estate market on ice.

But look to the right and you’ll see that AGNC did hold the line on the dividend as the Fed drove rates higher in response to the inflation surge of 2022/2023. That’s a great sign—and shows the payout likely got an assist from the hedging programs AGNC uses to cut its rate risk:

Dividend Falls Heading Into COVID, But Holds Up in 2022 Dumpster Fire

Now that the Fed looks to be headed back into cutting mode, the dividend should get some extra backup on lower borrowing costs. Going forward, analysts have the mREIT pegged for $1.60 per share in earnings for this fiscal year. The dividend—$0.12 per month for a total of $1.44 annually—accounts for 90% of that.

That is a bit high, but bear in mind that a falling Fed funds rate would add to profits and therefore reduce that number. It may even open the door to a dividend increase, especially if 10-year Treasury rates hold steady or gradually move lower, as I expect.

Finally, as I write this, AGNC trades at 1.1-times book value and six times forward earnings. A wider gap between the Fed rate and 10-year Treasury yield would boost both numbers—putting a lift under the share price as it does.

Source: investing

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Kevin Du

Political

Hamas has agreed to a new proposal for a ceasefire-hostage release deal with Israel.

The “comprehensive two-stage plan” was based on a framework advanced by US envoy Steve Witkoff and presented to Hamas by Qatari and Egyptian mediators, according to the BBC.

It would see Hamas free around half of the 50 remaining Israeli hostages – 20 of whom are believed to be alive – in two stages during a 60-day temporary truce.

During that time, there would be negotiations on a permanent ceasefire and an Israeli troop withdrawal.

The Egyptian and Qatari mediators reportedly met with Hamas representatives Sunday in Cairo, and presented them with the plan.

In a post on Facebook Monday, Hamas leader Basem Naim said Hamas and other Palestinian terror groups had agreed to the deal:

“The movement has submitted its response approving the new mediators’ proposal,” Naim wrote in Arabic.

“We pray to God to extinguish the fire of this war against our people.”

The deal was reached ahead of a major Israeli offensive to occupy Gaza City and just hours after President Donald Trump said Hamas needed to be “confronted and destroyed,” Axios noted.

“We will only see the return of the remaining hostages when Hamas is confronted and destroyed!!!,” Trump posted on Truth Social Monday morning.

“The sooner this takes place, the better the chances of success will be. Remember, I was the one who negotiated and got hundreds of hostages freed and released into Israel (and America!). I was the one who ended 6 wars, in just 6 months. I was the one who OBLITERATED Iran’s Nuclear facilities. Play to WIN, or don’t play at all!”

The plan is reportedly “98 percent similar” to the last U.S.-backed proposal, but the deal fell though when Hamas refused to sign on.

Hamas said at the time that it would only free the remaining hostages if Israel agreed to end the 22-month war. But Netanyahu said that would only happen once Hamas was disarmed and released all the hostages.

On Sunday, more than 200,000 Israelis took to the streets to demand Netanyahu not launch the new offensive in Gaza, and instead sign a deal to bring back the hostages. It was the biggest anti-war protest since the beginning of the war, according to Axios.

The Gaza War began in response to Hamas’ surprise attack in southern Israel on 7 October 2023.

The terrorists killed about 1,200 people—mostly civilians—in the attack, and took another 251 hostage.

Source: Zero Hedge

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Devin

Economic

Commodity

Oil prices fell on Tuesday as traders thought a possible cease-fire in Russia's war with Ukraine might lead to easing or the end to sanctions on Russian crude oil, which would in turn boost global supply.

Brent crude futures were down 50 cents, or 0.75%, at $66.10 a barrel at 10:38 a.m. CDT (1538 GMT). U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, were down 72 cents, or 1.14%, at $62.70 per barrel.

The more active October WTI contract was down 66 cents, or 1.05%, at $62.04 a barrel.

"Even with this peace dividend, we have a record short position," said Phil Flynn, senior analyst with Price Futures Group. "Because of the size of the short position, people are betting on a cease-fire and if we don't get one there could be a bounce."

Following a White House meeting on Monday with Ukrainian President Volodymyr Zelenskiy and European allies, U.S. President Donald Trump announced in a social media post that he had spoken with Russian President Vladimir Putin.

Trump said arrangements were being made for a meeting between Putin and Zelenskiy, which could lead to a trilateral summit involving all three leaders.

Suvro Sarkar, lead energy analyst at DBS Bank, said Trump's softened stance on secondary sanctions targeting importers of Russian oil had reduced the risk of global supply disruptions, easing geopolitical tensions slightly.

Chinese refineries have purchased 15 cargoes of Russian oil for October and November delivery as Indian demand for Moscow's exports has fallen away, two analysts and one trader said on Tuesday.

Zelenskiy described his talks with Trump as "very good" and noted discussions about potential U.S. security guarantees for Ukraine. Trump confirmed the U.S. would provide such guarantees, though the extent of support remains unclear.

Trump has pressed for a quick end to Europe's deadliest war in 80 years, but Kyiv and its allies worry he could seek to force an agreement on Russia's terms.

"An outcome which would see a ratcheting down of tensions and remove threats of secondary tariffs or sanctions would see oil drift lower toward our $58 per barrel Q4-25/Q1-26 average target," Bart Melek, head of commodity strategy at TD Securities, said in a note.

Source: Reuters

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Olivia Brooks

Economic

Stocks

These are some of the stocks making the biggest moves in midday trading Tuesday.

Viking Therapeutics, shares tumbled 42% after phase 2 trial results showed Viking's experimental oral obesity drug had more side effects than expected. About 20% of the patients in the trial quit using the drug due to symptom such as nausea and vomiting. On average, patients lost 12% of their starting weight after 13 weeks.

Target Hospitality, the temporary workforce housing play jumped around 6%. On Monday, Stifel upgraded Target Hospitality to buy from hold, dubbing it a "back door data center play" and lifting its target price to $11 from $7.50.

The new target price suggests about 37% upside from Monday's close. Nvidia , Advanced Micro Devices and Palantir Technologies: investors took profits in some of this year's high-flying tech stocks. Nvidia shares dropped nearly 3%, while AMD fell close to 5%. Palantir lost 7%.

Strategy , Robinhood and Mara Holdings: crypto-linked stocks dipped on Tuesday as bitcoin pulled back more than 2%. Bitcoin proxy Strategy and trading app maker Robinhood fell roughly 6% each. Bitcoin miners Mara Holdings and Riot Platforms lost more than 5% and 2%, respectively.

UnitedHealth, the health insurance giant slid more than 2% following back-to-back winning days. The stock had seen a recent resurgence after Warren Buffett revealed a stake of 5 million shares in UnitedHealth, valued at about $1.6 billion. On Friday, the stock posted a nearly 12% advance for its best day since 2020.

Intel, shares of the chipmaker jumped more than 6% after it was announced that SoftBank will make a roughly $2 billion investment in the company, paying $23 per share for Intel's common stock. This comes as the U.S. government reportedly has been considering taking a stake in Intel.

Palo Alto Networks, the cybersecurity stock gained more than 3% after the company's fiscal fourth-quarter results topped Wall Street's expectations. Palo Alto also posted better-than-expected guidance for the first quarter and full year and announced that its founder and chief technology officer, Nir Zuk, is retiring.

Fabrinet, the electronic manufacturing services company dropped 10%. Fiscal fourth quarter adjusted earnings of $2.65 per share just barely beat the $2.64 per share that analysts polled by FactSet were expecting. Revenue of $909.7 million topped the consensus estimate of $883.1 million. Additionally, the company announced upbeat earnings and revenue guidance for the first quarter.

Viking Holdings, shares fell nearly 2% after the cruise operator posted its quarterly results. Viking's second-quarter adjusted earnings of 99 cents per share came in line with analysts' expectations, according to FactSet, while its revenue for the quarter of $1.88 billion beat the $1.85 billion that was anticipated. The company also said it plans to take delivery of six river vessels during the rest of this year.

Best Buy, the consumer electronics retailer rose 3% following the launch of its third-party marketplace , which will expand its product offerings to shoppers.

Xpeng, U.S. shares of the Chinese electric car startup popped 5% on the heels of the company posting a smaller-than-expected loss for the second quarter, per FactSet. Its revenue for the period also topped analysts' estimates.

Tegna, shares climbed 4%. Television broadcaster Nexstar Media and Tegna announced Tuesday that Nexstar has agreed to acquire Tegna for $3.54 billion . The deal is expected to close by the second half of next year.

Home Depot, shares of the home improvement retailer added 3%. Despite the company missing on both lines for the first time since 2014, it maintained its full-year outlook.

Source: CNBC

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Adam

Economic

The artificial intelligence boom that Sam Altman helped ignite with ChatGPT in late 2022 is starting to make even him uneasy.

Startups with little more than a pitch deck are raising hundreds of millions. Valuations have become “insane.” Capital is chasing a “kernel of truth” with feverish speed.

The OpenAI CEO still believes the long-term societal upside of AI will outweigh the froth, and he’s ready to keep spending in pursuit of that goal.

“Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes,” he said at a recent dinner with reporters. “Is AI the most important thing to happen in a very long time? My opinion is also yes.”

He repeated the word ’bubble’ three times in 15 seconds, then half-joked, “I’m sure someone’s gonna write some sensational headline about that. I wish you wouldn’t, but that’s fine.”

While Altman warned that valuations are now out of control, he’s ready to shell out on more infrastructure.

“You should expect OpenAI to spend trillions of dollars on datacenter construction in the not very distant future,” Altman said. “And you should expect a bunch of economists wringing their hands, saying, ‘This is so crazy, it’s so reckless,’ and we’ll just be like, ‘You know what? Let us do our thing.’”

OpenAI is already looking beyond Microsoft

Azure’s cloud capacity, and is shopping around for more.

The company signed a deal with Google Cloud this spring and, according to Altman, OpenAI is “beyond the compute demand” of what any one hyperscaler can offer.

“You should expect us to take as much compute as we can,” he added. “Our bet is, our demand is going to keep growing, our training needs are going to keep going, and we will spend maybe more aggressively than any company who’s ever spent on anything ahead of progress, because we just have this very deep belief in what we’re seeing.”

It’s not just OpenAI. All the megacaps are trying to keep up.

In their most recent earnings, tech’s biggest names all raised capital expenditure guidance to keep pace with AI demand: Microsoft is now targeting $120 billion in full-year capital expenditures, Amazon

is topping $100 billion, Alphabet raised its forecast to $85 billion, and Meta lifted the high end of its capex range to $72 billion.

Wedbush’s Dan Ives said Monday on CNBC’s “Closing Bell” that demand for AI infrastructure has grown 30% to 40% in the last months, calling the capex surge a validation moment for the sector.

Ives acknowledged “some froth” in parts of the market, but said the AI revolution with autonomous is only starting to play out and we are in the “second inning of a nine-inning game.”

“The actual impact over the medium and long term is actually being underestimated,” he said.

Citi’s Rob Rowe, speaking Monday on CNBC’s “Money Movers,” pushed back on comparisons between today’s AI boom and the dotcom bubble.

“Back then, you had a lot of over-leveraged situations. You didn’t have a lot of companies that had earnings,” Rowe said. “Here you’re talking about companies that have very solid earnings, very strong cash flow, and they’re funding a lot of this growth through that cash flow. So in many respects, it’s a little different than that.”

He added that the current wave of AI investment is being driven by structural shifts in the global economy, particularly the rapid growth of digital services, which now account for a large share of global exports. Also unlike the dotcom cycle of the late 90s, companies today are funding their infrastructure spending with strong cash flow rather than relying on debt.

Still, concerns about overheating have been mounting.

Alibaba co-founder Joe Tsai pointed to worrying signs in the AI sector well before the hyperscalers raised their annual capex guidance during the latest earnings prints.

In March, he warned of a brewing AI bubble in the U.S.

Speaking at HSBC’s Global Investment Summit in Hong Kong, Tsai said he was astounded by the scale of datacenter spending under discussion. Tsai questioned whether hundreds of billions in spending is necessary, and flagged concern about companies starting to build datacenters “on spec,” without clear demand.

Altman, for his part, sees these cycles as part of the natural rhythm of technological progress.

The dotcom crash wiped out scores of companies, but still gave rise to the modern internet. He expects AI to follow a similar path: a few high-profile wipeouts, followed by a lasting transformation.

“I do think some investors are likely to get very burnt here, and that sucks. And I don’t want to minimize that,” he said. “But on the whole, it is my belief that... the value created by AI for society will be tremendous.”

Source: cnbc

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Adam

Economic

President Donald Trump stunned the logistics industry on Friday by widening his steel and aluminum tariffs to include more than 400 consumer items that contain the metals, such as motorcycles and tableware. Customs brokers and importers in the US were given little notice to account for the change, which went into effect Monday and did not exclude goods in transit.

The new tariff inclusion list was posted by the Customs and Border Protection agency just as many were leaving for the weekend and appeared in the Federal Register on Tuesday, creating fresh headaches for trade professionals. Official guidance has been muddled, especially for goods already on their way to the US, and it’s unclear whether the metals levies stack on top of country-by-country tariffs.

Having weathered six months of Trump’s trade war and a pandemic that triggered mass supply disruptions, it’s hard to rattle the freight carriers, cargo owners and middlemen that keep cross-border commerce moving. But the scope and implementation speed of this latest notice took many by surprise.

“We’ve had a lot of these 11th-hour implementations throughout 2025, this one in particular impacts every single client I have to an enormous degree,” Michigan-based customs broker Shannon Bryant said in an interview.

“Earlier announcements at least had some in-transit exemptions so at least importers could make reasonable buying decisions,” said Bryant, president of trade compliance advisory service, Trade IQ. “This one was unique in that way — it’s very much a ‘gotcha.’”

The new list includes auto parts, chemicals, plastics and furniture components — demonstrating the reach of Trump’s authority to use sectoral tariffs. That is separate from the executive power he invoked for his so-called reciprocal tariffs.

“Basically, if it’s shiny, metallic, or remotely related to steel or aluminum, it’s probably on the list,” Brian Baldwin, a vice president of customs in the US at logistics giant Kuehne + Nagel International AG, wrote in a post on LinkedIn. “This isn’t just another tariff — it’s a strategic shift in how steel and aluminum derivatives are regulated.”

Compliance Costs

The difficulty with applying tariffs to derivative products lies in determining what percentage of an item is made from the targeted materials.

Flexport, a digital freight forwarder, said in a blog post that “for many brands, this means chasing suppliers for detailed data: aluminum weight, percentage of customs value, and country of cast/smelt.”

The compliance burden, Flexport said, “is significant.”

This tranche of tariffs is also particularly expansive, including items such as motorcycles, cargo handling equipment, baby booster seats, tableware and personal care products that come in metal containers or packaging.

Jason Miller, a professor of supply chain management at Michigan State University, conservatively estimates that the metals tariffs now cover about $328 billion worth of goods, based on 2024 import data. That’s six times greater than in 2018 and a big jump from the $191 billion worth of goods covered prior to the change, he said in an email to Bloomberg News.

Broker’s Plea

Bryant, whose clients include cosmetics and commercial cookware importers, sent a letter to her elected officials in Washington on Monday warning that the complexity of overlapping tariffs is becoming unworkable even for professionals. “For small importers,” she wrote, “it’s impossible.”

“I’m trying to think of a client that’s not impacted,” Bryant said. “These are American companies that employ American people that are being ambushed by their own government.”

Trump first imposed steel and aluminum tariffs in 2018 with the goal of boosting US output by making it more expensive for Americans to buy foreign material.

But several major suppliers including Canada, Mexico and the European Union were ultimately exempted, and US industries have said they’re still struggling to compete with imports.

Big Steel Applauds

In June, Trump fulfilled a campaign promise by doubling the levy on steel and aluminum to 50% and also sought feedback from industry on how to broaden it further.

Lourenco Goncalves, chief executive officer of US steelmaker Cleveland-Cliffs Inc., applauded the expanded tariff list in a statement on Monday, thanking the Trump administration for “taking decisive and concrete action that will deter tariff circumvention occurring in plain sight with stainless and electrical steel derivative products.”

There’s very likely more to come. At the end of July, the Trump administration imposed a 50% duty on semi-finished copper imports valued at more than $15 billion and ordered officials to come up with a plan to slap tariffs on an array of other copper-intensive goods.

“This isn’t over,” said Pete Mento, DSV’s global customs director, in a social media post on Monday. “The next list will surely be for copper and I expect that to be equally as miserable.”