August: President Trump proposed a 100% tariff on semiconductor imports, excluding companies that manufacture or commit to manufacturing in the United States. The U.S.-China trade agreement was extended for another 90 days, pushing the deadline to Monday, November 10. The Commerce Department expanded the 50% steel and aluminum tariff to more than 400 derivative products, while other components remain subject to country-specific rates. Tariffs on most imports from India rose to 50% due to India’s purchases of Russian oil. The Trump administration suspended the de minimis exemption, which allowed for imports valued under $800 to enter the United States duty-free. Lastly, a federal appeals court upheld a lower court’s ruling back from May that President Trump’s use of the International Emergency Economic Powers Act to impose tariffs did not constitute an emergency and goes beyond his presidential authority. The court will hold its ruling until Tuesday, October 14, to allow the parties to appeal to the Supreme Court, which Trump said he plans to do.

Copper climbs, aluminum pivots, steel expands and PVC stretches, but not without hurdles.

U.S. job growth slowed well below expectations and increased inflation figures intensify pressure on the Federal Reserve to cut rates at its September meeting.