President Trump and Chinese President Xi Jinping said they’ve formalized a trade deal from a framework U.S. and Chinese officials negotiated earlier this week. President Trump said the two nations will sign the deal soon. The agreement includes the United States lowering tariffs on Chinese goods from 30% to 20% in exchange for China’s cooperation to control the export of chemicals used to make the drug. China also agreed to resume purchasing American agricultural products and pause export controls on rare-earth minerals for one year.

Copper faces intense supply outlook, aluminum industry calls for USMCA unity, and steel demand looks modest for 2026.

The U.S. government shutdown poses risk to the economy as freight and some commodity markets face soft demand and shifting trade policies.