Trump's Tariffs Shake the World!
President Donald Trump said the U.S. will begin imposing a 50% tariff on copper imports starting August 1, confirming a move that will hit manufacturers of everything from cars to homes and appliances that rely on the industrial metal.
The levy is the latest in a series of Trump tariffs aimed at promoting domestic mining and processing of the metal. Trump has already raised import costs for steel and aluminum and has hinted that more sectoral levies are in the works. These are in addition to the country-by-country tariffs the White House is finalizing with dozens of its largest trading partners, which are also set to take effect on August 1.
Global producers have been racing to get ahead of Trump's planned copper levies, including in recent days by shifting shipments to Hawaii and Puerto Rico to cut shipping times. Since February, when Trump first outlined the tariff plans, global traders have shipped record volumes of the precious metal to the U.S., aiming to reap substantial profits from cargoes delivered before the tariffs take effect.
Source: Bloomberg
