The Trump administration says that the tariffs on metals imports are aimed at boosting domestic industries and addressing "trade imbalances."
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President Donald Trump on Wednesday signed on order imposing a universal 50% tariff on copper
imports, the latest metal he has targeted with a steep import tax.
U.S. copper prices plunged as much as 18% in after-hours trading as soon as the White House announced the new tariff rate. Copper miners Freeport-McMoRan
and Southern Copper
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The US imports roughly half of copper needs each year, used in construction, transportation and electronics.
"Copper is the second most used material," the US leader stressed
New tariffs apply mostly to semi-finished copper products while exempting refined forms of the metal that comprise the US’ chief…
President Donald Trump says he will put a 50% tariff on copper imports before noting the value of the versatile metal.
"America will, once again, build a DOMINANT Copper Industry," Trump said in a post on his Truth Social media platform.
Raw copper materials will not face the high duty that had been expected, but consumer goods prices may still be impacted.
