Copper Prices Hit Record High as Trump Unveils 50% Tariffs

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• 00:03

  Copper prices hit an all-time high,

• 00:06

  as President Trump threatens 50 percent tariffs on imports of the metal.

• 00:10

  Plus, why EU member states can't agree on how to approach tariff negotiations with the U.S.

• 00:16

  The reality that everybody in Europe has come to accept is no matter what is agreed to,

• 00:22

  it's going to be worse than the situation was before President Trump started imposing tariffs on Europe and the rest of the world.

• 00:29

  And why New York City real estate developers are backing Mayor Eric Adams to be reelected.

• 00:35

  It's Tuesday, July 8th.

• 00:36

  I'm Alex Zosalev for The Wall Street Journal.

• 00:39

  PM edition of What's News, the top headlines and business stories that move the world today.

• 00:48

  We start this evening with a decision from the U.S.

• 00:51

  Supreme Court,

• 00:52

  which late this afternoon lifted a halt on President Trump's plan to shrink the federal workforce,

• 00:58

  a decision that clears the way for potential mass layoffs of federal workers.

• 01:02

  In February,

• 01:03

  Trump issued an executive order aimed at drastically reducing the government's workforce.

• 01:08

  But in May, a federal judge in San Francisco blocked it from taking effect.

• 01:13

  In an unsigned order,

• 01:14

  the Supreme Court said today it had based its decision on the legality of Trump's executive order itself and didn't rule on whether the reorganization plans broke the law.

• 01:27

  President Trump has said that there will be no extensions to his August 1st deadline to impose so-called reciprocal tariff rates on many U.S. trading partners.

• 01:37

  In a post on social media,

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