Freeport-McMoRan Inc. (NYSE:FCX) shares are falling on Thursday after reports that the White House has yet to decide on copper tariffs, raising concern the administration may ultimately abandon the plan given worries about higher manufacturing costs. Here’s what you should know.
Freeport-McMoRan stock is feeling bearish pressure. What’s pressuring FCX stock?
White House Still Undecided On Copper Tariffs
Officials inside the administration remain split on whether to move forward with duties on refined copper, torn between the inflationary risk higher metal prices could pose for manufacturers and the upside of jumpstarting mining activity on U.S. soil, according to Reuters, with the debate playing out just months before midterm voters head to the polls.
The mere possibility of tariffs has already sent copper prices to fresh records, as buyers raced to build up domestic supply, and the ongoing indecision is reportedly keeping producers from routing metal abroad, squeezing global supply. A White House official said the government continues weighing ways to “reshore copper and other critical manufacturing back to the United States,” language that fell short of guaranteeing tariffs will ultimately materialize.
