US stock markets ended the previous trading session with gains, continuing their upward trajectory. The S&P 500 rose by 0.61%, the Nasdaq 100 advanced 0.94%, and the Dow Jones Industrial Average added 0.49%.

However, futures for US stock indices retreated early today, alongside a decline in the US dollar, after President Donald Trump escalated trade tensions once again. The administration imposed a 50% tariff on copper and sent out a new round of letters announcing higher duties for multiple countries.

Although anticipated, the move unsettled investors who fear that a deepening trade conflict could seriously undermine global economic stability. Export-oriented companies were among the first to feel the heat, as their shares declined sharply. The unpredictability of Trump's trade decisions complicates long-term planning and significantly raises risks for businesses. The drop in the US dollar, following the imposition of these tariffs, added another layer of concern.

Futures on the S&P 500 index dropped 0.3%, while the US Dollar Index slipped 0.1%. Treasury bonds and Asian equities remained mostly unchanged. Meanwhile, Bitcoin hovered near its record high reached on Wednesday.

Copper prices surged in response to Trump's declaration that a 50% import duty on copper would come into effect starting August 1. The move is expected to impact manufacturers heavily reliant on this key industrial metal. On the London Metal Exchange, copper futures climbed 0.4% to $9,664.50 per ton, while Comex contracts soared nearly 3%.

According to commentary from National Australia Bank, recent developments surrounding tariffs have been perceived by some market observers as potentially inflationary and counterproductive, reinforcing growing sentiment among investors to reduce exposure to US assets.

Despite having paused reciprocal tariffs until July 9, Trump has now made it abundantly clear that he intends to press forward with his aggressive tariff agenda. Yet investors continue to pour money into equities, seemingly brushing aside fears that the duties could severely dampen global growth or corporate earnings.

According to Johanna Chua of Citigroup Global Markets, Asian economies may experience only moderate impact from the copper-specific tariffs introduced by the Trump administration. However, they are already preparing for broader consequences if similar measures are extended to semiconductors and pharmaceutical goods.

Trump also announced a set of country-specific duties on Wednesday: a 30% tariff for Algeria, Libya, Iraq, and Sri Lanka; 25% for goods from Brunei and Moldova; and 20% for products from the Philippines. These rates align closely with the ones first floated in April.

A particularly steep 50% tariff on Brazilian imports stands out as one of the highest announced to date and is scheduled to take effect in August. In a letter to the nation, Trump referenced a conversation with former Brazilian President Jair Bolsonaro and urged local authorities to drop charges related to Bolsonaro's alleged coup attempt.

From a technical perspective, the primary objective for S&P 500 bulls today is to break through the immediate resistance at $6,257. A successful move above this level would signal further upside potential, potentially driving the index toward $6,267. Maintaining control over the $6,276 level would also be a key milestone for buyers, reinforcing bullish momentum.