Rio Tinto’s Profits Drop as Trump Trade Tumult Hits Miners (2)

Rio Tinto Group’s first-half profits fell to the lowest in five years in the latest sign that stagnant prices for key commodities and trade uncertainties unleashed by President Donald Trump are hitting the biggest miners.

Rio is the first among its peers to report this earnings season, in the final set of results under outgoing Chief Executive Officer Jakob Stausholm. Iron ore prices slumped during the period, while Trump’s trade war is threatening to sap demand for other key outputs including aluminum, copper and lithium.

Weak prices for mining’s biggest cash cows — namely iron ore and coal ...