Copper plunged more than 7% on Friday as concerns over the impact of a worsening trade war triggered a selloff.On the COMEX, copper for May delivery fell to $4.478 per lb. ($9,852/tonne). Meanwhile, the metal slumped by as much as 5.1% to $8,890.50 per tonne in London, marking its biggest drop since July 2022.Losses accelerated after China’s official Xinhua News Agency reported that Beijing would retaliate with a 34% tariff on all imports from the U.S. starting April 10.Major mining companies also saw sharp declines, with Glencore Plc (LON: GLEN) and Antofagasta (LON: ANTO.L) falling more than 10%.Freeport-McMoRan (NYSE: FCX) suffered the steepest decline, dropping by 13.8%.Teck (TSE: TECK.B) also took a major hit, plunging 12%, while Anglo American plc (LON: AAL) saw its shares decline by 8.9%.China hits back at US tariffs with rare earth export controlsBHP (NYSE: BHP) and Rio Tinto (NYSE: RIO) also posted losses of 9% and 7%, respectively.“While we remain structurally bullish on copper in the long run, weaker global GDP and copper demand growth pose a risk of delaying the deficit we expect to see in the market this year,” Goldman Sachs Group Inc. said in a report.The Trump administration’s latest slew of levies will likely depress prices, Max Layton, global head of commodities research at Citigroup Inc., said in an interview with Bloomberg Television. Copper could fall by another 8% to 10% in the coming weeks, he added.JP Morgan now predicts a 60% chance of a global recession if the tariffs continue.
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