Additionally, Trump warned he would slap tariffs on goods from any country “aligned” with the “Anti-American policies” of China, India, and other industrial powerhouses—no further details given—and put a 50 percent levy on imported copper,

In a wide-ranging interview with NBC News, Trump talked about tariffs, sending Patriot missiles to NATO for Ukraine and how he'll sell his recently passed "big, beautiful bill."

The gyrations of South Africa’s rand and Brazil’s real illustrate the complexities traders face in evaluating the potential impact of US tariffs. The two currencies fluctuated wildly this week, and volatility measures suggest more price swings are in store in the run-up to the August 1 deadline for the tariffs to take effect.

Coffee companies may try to mitigate the impact of the tariff by sourcing from other countries, but consumers will likely end up paying more for their java.

US buyers of copper will pay a high price if President Donald Trump pushes ahead with a 50% tariff on refined metal as opposed to products such as wiring, according to producers and analysts.