August 22: Trade talks between the United States and Canada fell through late August 21, prompting the 50% U.S. tariff on certain Canadian goods to take effect August 22. As a response, Canada announced “dollar-for-dollar” reciprocal tariffs on U.S. goods.

U.S. tariff policy is now focused on implementation, compliance and product-level cost impact.

Aluminum’s onshoring efforts face key challenges, while supply woes in Chile and Peru add pressure to global copper market.