US President Donald Trump announced on July 30 the introduction of a 50% tariff on imports of copper pipes, cables and semi-finished products. This step, which was supposed to stimulate American production, on the contrary led to panic in the market: copper prices on the Comex exchange immediately fell by more than 17%.
This is reported by Reuters.
The tariffs do not cover raw materials - ores, cathodes or concentrates - but only finished copper products. According to analysts, this is unlikely to help domestic copper production in the US, which is already suffering from regulatory barriers. On the other hand, the new rules are beneficial to exporting countries, primarily Chile and Peru - the main suppliers of copper to the US market.
This move by Trump was part of a broader strategy: at the same time, he announced tariffs on goods from Brazil (also up to 50%), although he made exceptions for aviation, energy and agricultural products. A compromise was reached with South Korea: instead of 25% tariffs, only 15%, as part of a large investment agreement. Seoul promised to invest USD 350 billion in projects in the United States and purchase energy resources worth USD 100 billion.
Recall that US President Donald Trump announced the introduction of a 25% tariff on goods from India from August 1.
At the same time, the tariffs introduced by the Donald Trump administration to support domestic production are hitting the US chocolate industry. Instead of profits, manufacturers are facing rising costs for cocoa imports and losing competitiveness compared to Canadian and Mexican companies that can supply chocolate to the US duty-free.
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