The US imports approximately half of its copper requirements annually, essential for various industries including construction and electronics. President Trump has proposed a 50 percent tariff on copper to stimulate domestic production. Following this announcement, US Comex copper futures rose over 12 percent to an all-time high. Secretary of Commerce Howard Lutnick indicated that the tariff may come into effect by late July or early August. A Section 232 investigation into copper imports has concluded, examining their implications on national security and industry viability.
President Donald Trump announced plans for a 50 percent tariff on copper to boost domestic production, which allegedly is critical for electric vehicles and military hardware.
After the tariff announcement, US Comex copper futures surged over 12 percent, reaching record highs that were unexpected by the industry.
Commerce Secretary Howard Lutnick mentioned the tariff might be effective by the end of July or August 1, emphasizing the importance of domestic copper production.
The administration's Section 232 investigation into copper imports was concluded ahead of schedule, aiming to assess the impact on national security and domestic manufacturing.
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