Move roils US prices as new policy falls short of US president’s initial threats to introduce sweeping new levy
The Trump administration announced plans to impose a 50% tariff on copper pipes and wiring, roiling US prices after details of the levy fell short of the sweeping restrictions expected.
By leaving out copper input materials such as ores, concentrates and cathodes, the new policy will fall significantly short of Donald Trump’s initial threats to introduce a sweeping new levy on overseas shipments of the metal.
The surprise move dragged down US copper prices more than 17% on the Comex exchange and unwound a premium over the London global benchmark that had grown in recent weeks, with shipments diverted there in anticipation of higher domestic prices.
“Markets are now busily repricing refined copper much lower after Trump’s epic backflip on his own import tariff policy,” said Tom Price, an analyst at the London brokerage Panmure Liberum.
