Throughout a Cupboard assembly on July 9, President Donald Trump introduced that the U.S. will impose a 50% tariff on all copper imports, although specifics of the implementation are nonetheless unclear.
Commerce Secretary Howard Lutnick indicated that the tariff may take impact by the tip of the month, or probably by Aug. 1, in line with numerous media shops.
Following the announcement, U.S. Comex copper futures surged over 12%, reaching an all-time excessive because it’s been tracked, earlier than retreating mildly by Wednesday morning. Nationwide media protection conveyed that the transfer shocked the business each by way of its timing and the sharpness of the rise.
Copper performs an integral function in sectors equivalent to development, infrastructure, transportation and electronics. Based on media stories, the U.S. imports roughly half of its annual copper demand and operates solely three copper smelters domestically.
The nations prone to be most impacted by the brand new tariff embrace Chile, Canada and Mexico — the main exporters of refined copper, copper alloys and associated merchandise to the U.S. in 2024, primarily based on U.S. Census Bureau figures.
Along with the copper announcement, the president issued letters on July 7 setting tariffs of as much as 40% on imports from greater than a dozen nations, with an efficient date of Aug. 1 as an alternative of the beforehand reported July 9.
Hours after stating that the deadline was “not 100% agency,” he posted on social media that no extensions could be granted past August.
In a follow-up submit on Reality Social on July 8, he mentioned tariff particulars for seven extra nations could be launched Wednesday morning, with extra info to come back within the afternoon.
