WASHINGTON: US President Donald Trump has declared a 50% tariff on copper imports, set to take effect on August 1.
The decision aims to strengthen domestic production of the metal, which is vital for defense, electronics, and automotive industries.
This latest tariff follows similar measures on steel and aluminum, despite warnings from economists about rising consumer costs.
Trump hinted at the move earlier this week, causing US copper futures to surge to record highs.
The White House initiated a Section 232 investigation in February, allowing the president to impose tariffs on national security grounds.
Trump stated that a “robust” assessment confirmed the need for tariffs to safeguard US copper production.
“Copper is necessary for Semiconductors, Aircraft, Ships, Ammunition, Data Centers, Lithium-ion Batteries, Radar Systems, Missile Defense Systems, and even, Hypersonic Weapons, of which we are building many,“ Trump posted on Truth Social.
The US relies on imports for nearly half of its refined copper, with 810,000 metric tons imported in 2024, according to the US Geological Survey.
Chile, Canada, and Mexico, the top suppliers, are expected to be most impacted.
These countries argue their exports do not threaten US interests and should be exempt, given existing free trade agreements.
The tariff aims to boost US mining, particularly in Arizona, where Rio Tinto and BHP’s stalled project could benefit. - Reuters
