BHP Group Ltd. is warning U.S. President Donald Trump’s tariff spree could trigger a global economic slowdown and challenge trade flows, as the world’s biggest miner posted a solid quarterly production performance for key commodities including copper and iron ore.
“Despite the limited direct impact of tariffs on BHP, the implication of slower economic growth and a fragmented trading environment could be more significant,” Chief Executive Officer Mike Henry said in a statement Thursday. “China’s ability to shift toward a consumption-led economy and for trade flows to adapt to the new environment will be key to sustaining the global outlook.”
The global commodities market has been one of the sectors most exposed to the fallout from Trump’s burgeoning trade war. That could complicate Henry’s agenda to grow BHP’s holdings of what he calls “future facing commodities” — copper and potash. The drive has been backed by revenue derived from the miner’s long-standing iron ore business, which still accounts for more than half of its earnings.
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