Trump Imposes 50 Percent Tariffs on Certain Copper Imports
(MENAFN) U.S. President Donald Trump signed a proclamation Wednesday imposing sweeping 50% tariffs on all imports of semi-finished copper products and copper-heavy derivative goods, set to take effect August 1.
The directive tasks the Secretary of Commerce with creating an "inclusion" process to potentially expand the range of copper derivative products subject to the tariff. Trump also empowered the Commerce Department to act under the Defense Production Act to bolster domestic copper production, according to a White House fact sheet.
"By taking these actions, President Trump is leveling the playing field for U.S. copper businesses to support a strong domestic copper industry," the White House said.
Copper plays a critical role in U.S. manufacturing, the fact sheet emphasized, citing its importance to both national security and economic stability. It is a vital component in a broad array of defense systems—from aircraft and ships to missiles, submarines, and ammunition.
Following the announcement, copper futures on Comex plunged 20%, media reported. Earlier in the day, U.S. copper prices had been trading roughly 28% above global benchmarks on the London Metal Exchange, as markets braced for broad-based tariffs on refined copper imports.
media noted the move marked another unexpected disruption by Trump in the copper market. After the president initially floated the tariff idea earlier this year, U.S. copper prices surged compared to global levels. That prompted a rush among international traders to ship copper into the U.S. ahead of the policy shift—netting significant gains for some of the world's top metals dealers.
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