Treasury Secretary Bessent said secondary sanctions should not be underestimated and are a very powerful tool.

Copper fell in Asian trade. SOCGEN analysts said a new set of region-based arbitrage and trade-policy factors is clouding price signals. Constrained mine supply and rising demand from AI and other industries continue to underpin prices, but tariff-linked arbitrage has redirected large copper inventories into the US, draining stocks elsewhere and weakening the usefulness of traditional regional inventory analysis. LME three-month copper fell 0.1% to $14,230 per tonne.

U.S. President Trump, on Truth Social, criticized Ontario Premier Doug Ford and accused Canada of decades of relying on U.S. support, saying the U.S. "will always be bigger, richer, stronger" and that Canada could not survive without it. He accused Prime Minister Carney and Ford of prompting corporate outflows, said Canadian power, oil and gas rely on transport through the U.S., and warned Canada would face "more serious consequences" if it does not "play by the rules." Trump also claimed Canadian unemployment has risen to 10% and is still climbing, asserted businesses are moving to the U.S., and said "the days of hurting U.S. farmers and businesses are over."