This morning in metals news, the United States Trade Representative released a statement on the U.S.-China partial trade deal, copper prices fell back from a seven-month high Thursday, and Norsk Hydro signed a $1,600 million credit facility linked to its emissions targets.
U.S., China reach partial trade deal
Although the agreed-upon “phase one” trade deal is still short on publicly available details, the United States Trade Representative (USTR) did note some tariff implications in a release Friday.
According to the USTR, the U.S. will maintain a 25% tariff on $250 billion worth of Chinese goods and a 7.5% tariff on $120 billion worth of goods.
Copper drops after hitting seven-month high
Copper prices fell Thursday after hitting a seven-month high, Reuters reported.
LME copper reached as high as $6,174 per ton yesterday, according to Reuters, its highest since May 10.
Hydro signs credit facility linked to emissions goals
Norwegian firm Norsk Hydro announced Thursday it had signed a U.S. $1.6 billion credit facility that is tied to its emissions goals.
“The margin under the facility will be adjusted based on Hydro’s progress to meet its target to reduce greenhouse gas emissions by 10% by the end of 2025,” Hydro said in a statement.
“Hydro has set a new climate roadmap towards 2030 where 10% reduction in climate emissions by 2025 is an important milestone to achieve 30% reduction by 2030.”