The Trump administration on Wednesday introduced anticipated tariffs on copper, levying completely different duties on completed merchandise versus refined copper.
The White Home in February introduced an investigation into copper to put the groundwork for potential tariffs on the steel.
Because of that course of, the administration Wednesday introduced it might impose a 50 % tariff on “all imports of semi-finished copper products and intensive copper derivative products.” That can go into impact Aug. 1.
The administration additionally introduced a phased tariff on refined copper. The tariffs will start in 2027 at 15 % and improve to 30 % in 2028.
The White Home cited findings that the US’ dependency on overseas copper imports was a “national security vulnerability” that might result in provide chain disruptions and financial instability.
Copper costs declined on information of the brand new tariff plans.
The Trump administration has focused numerous sectors with tariffs, with the president arguing that imposing duties on overseas imports will result in higher manufacturing domestically.
The president had beforehand introduced tariffs on metal and aluminum imports and has threatened tariffs on prescribed drugs. He has additionally imposed a blanket tariff on all imports of 10 %, with increased charges for sure international locations.
