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The world’s top commodity traders are rushing to ship copper to the US from as far afield as Asia as Donald Trump’s threat of import tariffs on the metal creates a huge opportunity for profit.

Donald Trump has said he will impose 25% tariffs on the EU "very soon" and claimed the bloc was "formed in order to screw the United States". The US president made the remarks while holding his first cabinet meeting at the White House since his inauguration in January.