Metals

WASHINGTON — President Trump will host leaders of five Central Asian countries at the White House on Thursday as he intensifies his hunt for rare earth metals needed for high-tech devices, including smartphones, electric vehicles and fighter jets.

Trump and the officials from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan are holding an evening summit and dinner on the heels of Trump managing at least a temporary thaw with Chinese leader Xi Jinping on differences between the United States and China over the export of rare earth elements, a key point of friction in their trade negotiations.

Early last month, Beijing expanded export restrictions over vital rare earth elements and magnets before announcing, after Trump-Xi talks in South Korea last week, that China would delay its new restrictions by one year.

Washington is now looking for new ways to circumvent China on critical minerals. China accounts for nearly 70% of the world’s rare earth mining and controls roughly 90% of global rare earths processing.

Central Asia holds deep reserves of rare earth minerals and produces roughly half the world’s uranium, which is critical to nuclear power production. But the region badly needs investment to further develop the resources.

Central Asia’s critical mineral exports have long tilted toward China and Russia. Kazakhstan, for example, in 2023 sent $3.07 billion in critical minerals to China and $1.8 billion to Russia compared with $544 million to the U.S., according to country-level trade data compiled by the Observatory of Economic Complexity, an online data platform.

A bipartisan group of senators introduced legislation Wednesday to repeal Soviet-era trade restrictions that some lawmakers say are holding back American investment in the Central Asian nations, which became independent with the 1991 collapse of the Soviet Union.

“Today, it’s not too late to deepen our cooperation and ensure that these countries can decide their own destinies, as a volatile Russia and an increasingly aggressive China pursue their own national interests around the globe at the cost to their neighbors,” said Republican Sen. Jim Risch of Idaho, chairman of the Senate Foreign Relations Committee and a sponsor of the legislation. “The United States offers Central Asian nations the real opportunity to work with a willing partner, while lifting up each others’ economies.”

The grouping of countries, referred to as the “C5+1,” has largely focused on regional security, particularly in light of the two-decade U.S. military presence and then withdrawal from neighboring Afghanistan, China’s treatment of ethnic Uyghur Muslims in Xinjiang and attempts by Russia to reassert power in the region.

Secretary of State Marco Rubio welcomed the Central Asian leaders at the State Department on Wednesday to mark the 10-year anniversary of the C5+1 and to plug the potential for expanding the countries economic ties to the U.S.

“We oftentimes spend so much time focused on crisis and problems – and they deserve attention – that sometimes we don’t spend enough time focused on exciting new opportunities,” Rubio said. “And that’s what exists here now: an exciting new opportunity in which the national interests of our respective countries are aligned.”

Deputy Secretary of State Christopher Landau and the U.S. ambassador to India, Sergio Gor, who also serves as President Donald Trump’s special envoy to South and Central Asia, recently visited Kazakhstan and Uzbekistan to prepare for the summit.

Administration officials say deepening the U.S. relationship with the countries is a priority, a point they have made clear to the Central Asian officials.

The president’s “commitment to this region is that you have a direct line to the White House, and that you will get the attention that this area very much deserves,” Gor told the Central Asian officials Wednesday.

In 2023, Democratic President Joe Biden met with the five leaders on the sidelines of the U.N. General Assembly. That was the only other time that a sitting president has taken part in a C5+1 summit.

Madhani writes for the Associated Press. AP writer Matthew Lee contributed to this report.

THE highstreet discount store is asking shoppers to stop using Harry Potter mugs immediately as they contain ‘unsafe metals’.

TKMaxx is recalling Harry Potter and South Park mugs, because they do not meet the safety standards required for materials that come into contact with food or drink.

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The Harry Potter mug from Blue Sky Designs Limited allowed fans to “create their own Hogwarts” by customising the mug with 13 reusable stickers.

The other mug features characters from hit American cartoon South Park.

People who bought the items with product codes 013167 and 596096 should return the items to any TK Maxx or Homesense store.

The recall on both mugs was triggered when testing revealed that the coating may release levels of heavy metals that exceed safe limits, potentially posing a health risk if used to consume food or drinks.

Heavy metals include arsenic, mercury and lead as well as lesser known ones such as cadmium – but it is unclear what metals the warning includes.

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Therefore TKMaxx is urging anyone who bought either the Harry Potter or South Park mug, sold between May and September 2025 to “stop using it immediately”.

A TK Maxx spokesperson said: “The vendor is recalling these products because they do not meet safety standards for materials intended to come into contact with food.”

“Testing has shown that the coating may release levels of heavy metals that exceed safe limits, which could pose a potential health risk if used with food or beverages.”

Possible side effects of consuming unsafe metals include nausea, vomiting, abdominal pain, confusion, and organ damage to the brain, kidneys, and liver.

Chronic exposure, if left untreated can result in serious long-term issues, including anemia, miscarriage, developmental problems in children, and brain damage.

Shoppers are to return the items to any TK Maxx or Homesense store for a full refund or replacement.

Anyone with further questions can call 01923 473561 or email [email protected]. 

This comes only days after the company urgently recalled a kids’ swimming item that “could pose a risk of drowning.”

From April to August, the retailer had sold a range of Children’s Swim Vests that they’ve now said could pose a safety hazard.

TK Maxx says the affected product codes on price ticket and receipt include 819852, 819854, 819856, 819864, 819866, 819868, 819870, 819884, 819886, 819888, 819904, 819906, 819908, 819910, 819911, 819912, 819914.

Published on
29/09/2025 – 14:05 GMT+2

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The price of gold climbed to a new record on Monday, rising above $3,850 an ounce in the afternoon in Europe, up more than 1% on the day.

Precious metals across the board surged, fuelled by a weak dollar and high uncertainty around funding for the US federal government.

On Monday, US President Donald Trump and the Republican Party are meeting with Democrats to discuss a short-term spending bill to avoid a government shutdown on Tuesday. Republicans need at least seven votes from Democrats to pass the legislation.

Uncertainty is high, which historically sees investors flocking into so-called safe-haven assets such as gold. The precious metal is a more stable option in turbulent times when other asset classes are far more volatile.

So far this year, gold has shown itself to be an investor favourite amid increased geopolitical tensions and trade uncertainties. Since January, the precious metal has gained over 45%, rising from $2,669 an ounce.

Other factors are also supporting gold prices, including expectations of further rate cuts from the Federal Reserve. On 17 September, the Fed lowered its target range for its main lending rate to 4% – 4.25%, and officials indicated that there could be two more rate cuts this year.

Lower rates tend to weaken the US dollar, in which gold is denominated, increasing the metal’s appeal. This is particularly the case when other interest-bearing assets like bonds and savings accounts offer lower yields, following rate cuts.

“Gold prices continue to mark new records, with expectations for further rate cuts from the Fed supportive, given the precious metal does not offer income,” said Russ Mould, investment director at AJ Bell.

“Now above $3,800, gold has also been boosted by central bank buying over several years, weaker demand for traditional safe havens like US government bonds driven by concerns over US deficits and trade policy, dollar weakness and geopolitical tensions, including conflicts in the Middle East and Ukraine,” Mould added.

“The threat of a shutdown in Washington, as policymakers engage in tense negotiations ahead of a deadline at midnight on Tuesday, is yet another factor driving support for gold.”

Disclaimer: This information does not constitute financial advice; always do your own research on top to ensure it’s right for your specific circumstances. Also remember, we are a journalistic website and aim to provide the best guides, tips and advice from experts. If you rely on the information on this page, then you do so entirely at your own risk.

Published on 08/08/2025 – 11:53 GMT+2
•Updated
11:58

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US gold futures hit a historic high on Friday after the Financial Times reported that the Trump administration had imposed tariffs on imports of one-kilo gold bars.

Futures traded on the Comex, the world’s largest gold futures market, were up 0.9% at $3,484.60 an ounce as of around 11am CEST. This came after the futures hit an all-time high of $3,534.10.

The FT said it had seen a letter from the US Customs Border Protection agency, dated 31 July, which stated that one-kilo and 100-ounce gold bars should be classified under a customs code subject to levies. Investors had previously expected these types of gold bars to be exempt from Trump’s tariffs.

In April, Washington had excluded metals like gold, silver, and platinum from broad US import duties, reducing the price of Comex futures as investors ruled out a supply squeeze.

Before this, traders had been buying cheaper foreign gold and bringing it into the US, capitalising on the price difference between US futures and other benchmarks.

So far this year, gold Comex futures have risen almost 34% as investors adapt to geopolitical uncertainty, viewing gold as a secure place to park their money.

In times of instability, gold is considered a safe-haven asset because its value is less volatile than other investments, even when currencies fall.

“Sustained by factors like its safe haven credentials and a weakening dollar in 2025 – this latest development will have gold bugs eyeing the $4,000 level,” said AJ Bell head of financial analysis Danni Hewson on Friday, referring to the FT report.

“The news is more bad news for Switzerland after being hit by a shock 39% export tariff to the US, given it is one of the biggest precious metal hubs globally,” she added.

Gold is one of Switzerland’s most significant exports to the US, and the country sent around $61.5bn (€52.8bn) of gold to the US over the 12 months ending in June.

The tariff report comes as a fresh blow to Switzerland after the US administration announced a 39% levy on its exports last week.

Switzerland’s President Karin Keller-Sutter and other top officials travelled to Washington on Tuesday to try to lower the tariff rate, among the highest imposed by the Trump administration.

The new rate is over 2.5 times higher than the one on European Union goods exported to the US and nearly four times higher than the one on British exports.

It is also steeper than the 31% rate that Trump proposed for Swiss goods when he announced his so-called “Liberation Day” tariffs in early April.

So far, Switzerland’s powerful pharmaceutical industry, which has promised major investments in the US in recent months amid the tariff worries, is exempt from the 39% rate.

Published on
09/07/2025 – 10:23 GMT+2

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US copper prices spiked after US President Donald Trump said he planned to place a 50% tariff on imports of the metal on Tuesday.

Copper futures traded in New York jumped around 13% to $5.69 a pound, a record closing-price, dramatically outpacing gains on copper futures traded in London.

As of around 3.30am EDT on Wednesday, the New York price had dropped to around $5.59, although it remained at a much higher level than before Trump’s announcement.

The president commented on the tariff during a televised cabinet meeting, without giving great detail, and Commerce Secretary Howard Lutnick said the administration would formalise the decision in the coming days. Lutnick suggested that the duty would come into effect around the end of this month, or in early August.

The development also comes as Trump is nearing his 1 August deadline, before which he has vowed to slap “so-called” reciprocal duties on countries running a trade surplus with the US.

The president has been sending out letters to trading partners, notifying them of tariff rates, and he said that seven more country-specific rates would be announced on Wednesday. So far, the US has reached trade agreements with the UK, China, and Vietnam.

Copper is used in a wide variety of products, meaning the tariff will affect electronics, construction, and industrial machinery, likely to push up inflation across the board.

This comes as Trump is putting pressure on Federal Reserve Chair Jerome Powell to cut interest rates. Powell said last week that the Fed would have eased monetary policy by now if not for the new US tariffs, which are sowing uncertainty and risking economic stability.

According to the US Geological Survey, the US imported about 810,000 metric tons of refined copper last year, about half of what it consumed. Chile is the most significant exporter to the US, followed by Canada.

A 50% tariff on the metal would bring the rate in line with the duties already placed on aluminium and steel, which became effective in June.

Although the exact rate was undisclosed, the copper duty itself was not unexpected, as Trump in February ordered a Section 232 investigation into imports of the metal. The probe intends to determine whether Trump has the right to impose the tariffs on national-security grounds.

Trump also said on Tuesday that a 200% tariff on pharmaceuticals was coming “very soon”, but he added that he would give the industry at least a year to adjust.