Trump imposes 50% tariff on copper imports, White House says
FILE PHOTO: Copper cathodes are seen inside a warehouse near Yangshan Deep Water Port, south of Shanghai March 23, 2012. REUTERS/Carlos Barria/File Photo
U.S. President Donald Trump on Wednesday signed a proclamation ordering 50% tariffs on certain copper imports, citing national security, the White House said.
The proclamation imposes a 50% tariff on semi-finished copper products and copper-intensive derivative products as of August 1, according to a fact sheet released by the White House.
The tariffs will exclude copper scrap and copper input materials such as copper ores, concentrates, mattes, cathodes, and anodes, the statement said.
The measure came after a U.S. investigation under Section 232, which U.S. President Donald Trump ordered in February.
Along with tariffs, the order calls for steps to support the domestic copper industry, including requiring 25% of high-quality scrap produced in the U.S. to also be sold within the country. REUTERS
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
6 minutes ago
- Straits Times
Sumo Salad had valid insurance coverage for work injury claims: MOM
Sign up now: Get ST's newsletters delivered to your inbox Ms Jane Lee died a day after posting two Facebook messages on July 18, alleging that a former staff member had faked a fall just two days before the end of her contract. SINGAPORE – The Ministry of Manpower (MOM) said salad shop Sumo Salad was covered by a valid insurance policy when an alleged work injury involving a staff member occurred on June 6. The salad shop's owner, the late Ms Jane Lee, had submitted an incident report to MOM soon after. As at June 27, the company had been reimbursed by its insurer for the medical expenses and medical leave wages it had claimed, MOM told reporters during a briefing on Aug 1. When asked whether there were outstanding claims after June 27, the ministry said the claims process has not concluded as investigations are still ongoing . Before finalising a claim, doctors must assess the extent of an injured worker's incapacity, which determines the amount of lump-sum compensation for the worker. MOM added that it has not received any indication from the insurer of potential fraud, but emphasised that the possibility cannot be ruled out. Ms Lee died on July 19, a day after she posted two Facebook posts alleging that a former staff member had staged a fall in an attempt to claim workplace injury compensation. She believed her company was targeted because of 'an unfortunate gap' in insurance coverage. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Singapore Tanjong Katong sinkhole: Road will progressively open to motorists from Aug 2 noon World Trump modifies reciprocal tariffs ahead of deadline; rate on Singapore likely to remain at 10% Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine Asia Australia to force Google to conduct age checks in world-first rules for search engines Singapore PM Wong to deliver National Day message on Aug 8 Ms Lee also urged MOM and the police to investigate the case thoroughly, as she believed it was a premeditated scheme involving the ex-employee's husband and possibly a law firm. The incident has sparked wider discussions about challenges faced by small business owners in Singapore, and the need for stronger safeguards against abuses of the Work Injury Compensation Act (Wica). MOM said the worker involved in this case is still in Singapore on a Special Pass, which is typically issued temporarily to those whose work permits have been cancelled and are awaiting departure, or for specific purposes such as assisting with investigation and attending court. MOM said insurers had referred about 12 claims a year for investigation into potential fraud. Over the last five years, the ministry had prosecuted about two workers a year for fraudulent claims . These workers were jailed between three and 13 weeks. The maximum penalty is a jail term of up to 12 months, or a $15,000 fine, or both. Employers who fail to buy insurance for their manual workers, and non-manual workers earning $2,600 a month or less, may be fined up to $10,000, jailed up to 12 months, or both. In the last five years, MOM had prosecuted about two employers a year for such offences. MOM said the ministry conducts audit checks on employers for their Wica coverage. 'When we detect they do not have any insurance, we will nudge them,' an MOM spokesman said, adding that a grace period is given to employers to buy or renew insurance. MOM added that over the past three years, 94 per cent of all work injury claims were paid by insurers. For the remaining 6 per cent, most were paid directly by employers exempted from buying the Workplace Injury Compensation (WIC) insurance. Generally, employers with insurance coverage can be reimbursed for medical expenses as well as wages paid to workers on medical leave. The insurer will make lump sum compensations to workers or their family in the event of death, permanent incapacity or incapacity that remains six months post-injury, based on doctors' assessments. If there are disputes on the degree of permanent incapacity awarded, the case will be referred to the WIC Medical Board for independent reassessment.
Business Times
6 minutes ago
- Business Times
Malaysian pharmaceuticals, semiconductors exempt from US tariffs: minister
[KUALA LUMPUR] Malaysian pharmaceutical products and semiconductors will be exempt from US tariffs, the country's trade minister Tengku Zafrul Aziz said on Friday (Aug 1). 'At this time, exports of semiconductor and pharmaceutical (products) remain at 0 per cent (tariff rate),' he said at a press briefing after the US imposed a tariff of 19 per cent on Malaysia's exports. He said the levy on Malaysian goods would be effective from Aug 8. Tengku Zafrul also said that there had been no agreement with the US or other countries on the exclusive supply of rare earths. 'In fact, no such request has been made by the US,' he said. Gaining access to rare earth metals has been a crucial part of US trade negotiations, with rival China currently in control of 90 per cent of global processing capacity. Critical minerals were also under discussion during US negotiations with Indonesia. Tengku Zafrul said Malaysia and the US would release a joint statement on tariffs at the weekend. The trade ministry said in a statement earlier on Friday that the tariff outcome came after sustained engagement by both countries and did not cross any of Malaysia's 'red lines' or compromise its sovereign rights. REUTERS
Business Times
6 minutes ago
- Business Times
Switzerland hit with steep 39% tariff in US trade blitz
[ZURICH] US President Donald Trump will impose a 39 per cent tariff on imports from Switzerland, one of the steepest levies globally which threaten to leave the country's key exports reeling. The outcome – detailed in an executive order on Thursday (Jul 31) – is higher than the 31 per cent tariff rate Trump had threatened to levy in April and dashes hopes that the country would secure a more favourable deal. The Swiss government expressed its 'great regret,' pointing out that the new tariff rate differs 'significantly' from a draft framework the countries had been negotiating. Bern's trade negotiators were caught unawares by the announcement since they had received encouraging signals from several senior US officials, according to a person familiar with their thinking. They plan to continue negotiating with the US and they still hope to agree to lower levies, the person added. US tariff hikes In a post on X, President and Finance Minister Karin Keller-Sutter said she had a final conversation with Trump before the deadline and the trade deficit remains 'at the centre of US concerns.' The Swiss government said it 'continues to seek a negotiated solution.' The franc was among the worst performing major currencies on Friday, sliding 0.2 per cent against the US dollar. Still, it remains more than 8 per cent stronger than it was before the initial April two tariff announcement. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up For Swiss chocolatiers including Lindt and watch makers like Swatch Group and Rolex, the steeper levies threaten to weigh on sales in the world's largest consumer market. Pharmaceuticals accounted for almost half of Swiss goods exports to America in 2024, according to data compiled by Bloomberg Economics. The Swiss economy rests on large contributions from industry giants Novartis and Roche Holding. Drugmakers face a double squeeze as Trump escalates his campaign to pressure them for lower prices, sending letters to 17 of the world's largest pharma companies demanding they charge the US what other countries pay for new medicines. Swissmechanic, an industry lobby group, called the 39 per cent rate 'dangerous.' It urged the government to negotiate in the narrow window till the tariffs are set to come into effect on Aug 7, which otherwise risks leaving the economy becoming 'one of the few countries that permanently struggle with structural competitive disadvantages.' Technology manufacturing lobby Swissmem highlighted that Switzerland earns second franc from foreign trade. 'I am stunned – these tariffs are completely irrational and arbitrary,' Swissmem chief Stefan Brupbacher said. 'This decision jeopardises tens of thousands of jobs in the industry.' The rate on Swiss exports to the US is markedly higher than other trading partners who were able to negotiate frameworks with the US,' said Maeva Cousin, senior economist for Bloomberg Economics. 'The European Union, Japan and South Korea all landed on 15 per cent levies.' 'The seven-day window for the new tariffs to be implemented provides time for additional negotiations for those interested in reducing reciprocal or sectoral rates – Switzerland, India, Taiwan might still be working on those talks.' Trump in his second term has carried out a sweeping tariff agenda aimed at pressuring countries and industries to reshore manufacturing in the US and to reduce global trade imbalances. The US had a US$38 billion trade deficit with Switzerland last year, just outside a ranking of top 10 trade shortfalls. Trump's tariff rate comes despite months of high-stakes diplomacy intended to complete an agreement, negotiations that forced Bern to balance its commitment to global openness against the protection of domestic agriculture. The industry represents less than 1 per cent of the economy but commands out-sized political influence, and farmers' lobbyists had threatened to fight any settlement affecting Swiss high-tariff barriers in the area. Switzerland might not have been able to offer the US the concessions other countries were able to provide. It already had unilaterally scrapped industrial tariffs. Suggesting lower import rates for American citrus fruits, nuts and shellfish – plus simplified approval for medical devices – may not have been tempting enough. Trump's April two tariff announcement had put Switzerland's exporters in a double bind as it also caused a sharp Swiss franc appreciation. That prompted the Swiss National Bank to cut interest rates to zero after it had previously signalled it was done with easing. BLOOMBERG
