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Yahoo
6 days ago
- Business
- Yahoo
Trump announces 50% tariff on copper imports as copper futures surge
President Donald Trump has announced plans to impose a 50% tariff on copper imports, a move aimed at bolstering US production of the essential metal, as reported by Reuters. Following the announcement, US Comex copper futures surged more than 12% to a record high. During a White House cabinet meeting, Trump revealed his intention to declare the tariff, although the effective date was not specified, stating: 'I believe the tariff on copper, we're going to make 50%.' US Commerce Secretary Howard Lutnick indicated in a CNBC interview that the tariffs could be in place by the end of July or on 1 August 2025, with Trump expected to share details on his social media account. Despite the announcement, a definitive declaration of the tariffs is still awaited by countries, mining companies and trade groups. The US government initiated a Section 232 investigation into copper imports in February, with a November deadline for conclusion. Lutnick has confirmed that this review os already complete. 'The idea is to bring copper home, bring copper production home, bring the ability to make copper, which is key to the industrial sector, back home to America,' he stated. The National Mining Association has declined to make any comments until more details are disclosed, and the American Critical Minerals Association has not responded to requests for comments. The new US copper tariff is poised to significantly impact Chile, Canada and Mexico, the top suppliers of refined copper and copper products to the US in 2024 according to US Census Bureau data. These countries, along with Peru, have argued that their exports do not threaten US interests and should be exempt from tariffs, given their free trade agreements with the US. The Canadian metals industry is already grappling with challenges from higher US tariffs on steel and aluminium, now at 50%, which could lead to job losses and reduced sales. "Trump announces 50% tariff on copper imports as copper futures surge" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
New Straits Times
6 days ago
- Business
- New Straits Times
Trump says US to impose 50pct tariff on copper imports, copper futures jump
WASHINGTON: President Donald Trump said he will announce a 50 per cent tariff on copper on Tuesday, hoping to boost US production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. US Comex copper futures jumped more than 12 per cent to a record high after Trump announced the planned tariffs, which came earlier than the industry had expected, and the rate was steeper. Trump told reporters at a White House cabinet meeting that he planned to make the copper tariff announcement later in the day but he did not say when the tariff would take effect. "I believe the tariff on copper, we're going to make 50 per cent," Trump said. After Trump spoke, US Commerce Secretary Howard Lutnick said in an interview on CNBC that the copper tariffs would likely be put in place by the end of July or August 1. He said Trump would post details on his Truth Social media account sometime on Tuesday. Trump had yet to formally announce the tariffs by Wednesday evening and several countries, mining companies and trade groups said they were awaiting firm details. Analysts with RBC Capital Markets said they expect short-term volatility in copper prices and shares of copper companies should the tariff be implemented. In February, the administration announced a so-called Section 232 investigation into US imports of the red metal. The deadline for the investigation to conclude was November, but Lutnick said the review was already complete. "The idea is to bring copper home, bring copper production home, bring the ability to make copper, which is key to the industrial sector, back home to America," Lutnick said. The National Mining Association declined to comment, saying it preferred to wait until details were released. The American Critical Minerals Association did not immediately respond to requests for comment. Copper is used in construction, transportation, electronics and many other industries. The US imports roughly half of its copper needs each year and only has three copper smelters. Major copper mining projects across the US have faced strong opposition in recent years due to a variety of reasons, including Rio Tinto and BHP's Resolution Copper project in Arizona and Northern Dynasty Minerals' Pebble Mine project in Alaska. Shares of the world's largest copper producer, Phoenix-based Freeport-McMoRan, shot up more than five per cent at one point in Tuesday trading. The company, which produced 1.26 billion pounds (571,530 metric tonnes) of copper in the US last year, did not immediately respond to a request for comment. Freeport, which would benefit from US copper tariffs but worries that the duties would hurt the global economy, has advised Trump to focus on boosting US copper production. Countries set to be most affected by any new US copper tariff would be Chile, Canada and Mexico, which were the top suppliers to the US of refined copper, copper alloys and copper products in 2024, according to US Census Bureau data. Chile, Canada and Peru – three of the largest copper suppliers to the US – have told the administration that imports from their countries do not threaten US interests and should not face tariffs. All three have free trade deals with the US. Mexico's Economy Ministry and Canada's Finance Ministry did not immediately respond to requests for comment, while Chile's Foreign Ministry said it had not received any formal communication about the tariffs. Chile's Mining Ministry declined to comment. Chairman Maximo Pacheco of Codelco, the country's top copper miner, told Reuters the company wanted to know which copper products would be included and if the tariff would hit all countries. Pierre Gratton, president of the Mining Association of Canada, said the tariff is concerning for copper smelters such as Glencore's Horne facility in Quebec. Gratton added he was waiting for the 232 report from Trump officials. A 50 per cent tariff on copper imports would hit US companies that use the metal because the country is years away from meeting its needs, said Ole Hansen, head of commodity strategy at Saxo Bank. "The US has imported a whole year of demand over the past six months, so the local storage levels are ample," Hansen said. "I see a correction in copper prices following the initial jump."
The Hindu
6 days ago
- Business
- The Hindu
Trump says U.S. to impose 50% tariff on copper imports, copper futures jump
President Donald Trump said he will announce a 50% tariff on copper on Tuesday (July 8, 2025), hoping to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. U.S. Comex copper futures jumped more than 12% to a record high after Mr. Trump announced the planned tariffs, which came earlier than the industry had expected, and the rate was steeper. Mr. Trump told reporters at a White House cabinet meeting that he planned to make the copper tariff announcement later in the day but he did not say when the tariff would take effect. "I believe the tariff on copper, we're going to make 50%," Mr. Trump said. After Mr. Trump spoke, U.S. Commerce Secretary Howard Lutnick said in an interview on CNBC that the copper tariffs would likely be put in place by the end of July or August 1. He said Mr. Trump would post details on his Truth Social media account sometime on Tuesday. In February, the administration announced a so-called Section 232 investigation into U.S. imports of the red metal. The deadline for the investigation to conclude was November, but Lutnick said the review was already complete. "The idea is to bring copper home, bring copper production home, bring the ability to make copper, which is key to the industrial sector, back home to America," Mr. Lutnick said. The National Mining Association declined to comment, saying it preferred to wait until details were released. The American Critical Minerals Association did not immediately respond to requests for comment. Copper is used in construction, transportation, electronics and many other industries. The U.S. imports roughly half of its copper needs each year. Major copper mining projects across the U.S. have faced strong opposition in recent years due to a variety of reasons, including Rio Tinto and BHP's Resolution Copper project in Arizona and Northern Dynasty Minerals's Pebble Mine project in Alaska. Shares of the world's largest copper producer, Phoenix-based Freeport-McMoRan, shot up nearly 5% in Tuesday afternoon trading. The company, which produced 1.26 billion pounds of copper in the U.S. last year, did not immediately respond to a request for comment. Freeport, which would benefit from U.S. copper tariffs but worries that the duties would hurt the global economy, has advised Mr. Trump to focus on boosting U.S. copper production. Countries set to be most affected by any new U.S. copper tariff would be Chile, Canada and Mexico, which were the top suppliers to the U.S. of refined copper, copper alloys and copper products in 2024, according to U.S. Census Bureau data. Chile, Canada and Peru— three of the largest copper suppliers to the U.S.— have told the administration that imports from their countries do not threaten U.S. interests and should not face tariffs. All three have free trade deals with the U.S. Mexico's Economy Ministry, Chile's Foreign Ministry and Canada's Finance Ministry did not immediately respond to requests for comment. Chile's Mining Ministry and Codelco, that country's leading copper miner, declined to comment. A 50% tariff on copper imports would hit U.S. companies that use the metal because the country is years away from meeting its needs, said Ole Hansen, head of commodity strategy at Saxo Bank. "The U.S. has imported a whole year of demand over the past six months, so the local storage levels are ample," Mr. Hansen said. "I see a correction in copper prices following the initial jump."
India Today
6 days ago
- Business
- India Today
Trump hits copper imports with 50% tariff amid trade push
President Donald Trump said he will announce a 50% tariff on copper on Tuesday, hoping to boost US production of a metal critical to electric vehicles, military hardware, the power grid and many consumer Comex copper futures jumped more than 12% to a record high after Trump announced the planned tariffs, which came earlier than the industry had expected, and the rate was told reporters at a White House cabinet meeting that he planned to make the copper tariff announcement later in the day but he did not say when the tariff would take effect. "I believe the tariff on copper, we're going to make 50%," Trump Trump spoke, US Commerce Secretary Howard Lutnick said in an interview on CNBC that the copper tariffs would likely be put in place by the end of July or August 1. He said Trump would post details on his Truth Social media account sometime on had yet to formally announce the tariffs by Wednesday evening and several countries, mining companies and trade groups said they were awaiting firm with RBC Capital Markets said they expect short-term volatility in copper prices and shares of copper companies should the tariff be February, the administration announced a so-called Section 232 investigation into US imports of the red metal. The deadline for the investigation to conclude was November, but Lutnick said the review was already complete."The idea is to bring copper home, bring copper production home, bring the ability to make copper, which is key to the industrial sector, back home to America," Lutnick National Mining Association declined to comment, saying it preferred to wait until details were released. The American Critical Minerals Association did not immediately respond to requests for is used in construction, transportation, electronics and many other industries. The US imports roughly half of its copper needs each year and only has three copper copper mining projects across the U.S. have faced strong opposition in recent years due to a variety of reasons, including Rio Tinto RIO.L and BHP's Copper project in Arizona and Northern Dynasty Minerals' Mine project in of the world's largest copper producer, Phoenix-based Freeport-McMoRan FCX.N, shot up more than 5% at one point in Tuesday trading. The company, which produced 1.26 billion pounds (571,530 metric tonnes) of copper in the U.S. last year, did not immediately respond to a request for which would benefit from US copper tariffs but worries that the duties would hurt the global economy, has advised Trump to focus on boosting US copper set to be most affected by any new US copper tariff would be Chile, Canada and Mexico, which were the top suppliers to the U.S. of refined copper, copper alloys and copper products in 2024, according to US Census Bureau Canada and Peru - three of the largest copper suppliers to the US - have told the administration that imports from their countries do not threaten US interests and should not face tariffs. All three have free trade deals with the Economy Ministry and Canada's Finance Ministry did not immediately respond to requests for comment, while Chile's Foreign Ministry said it had not received any formal communication about the Mining Ministry declined to comment. Chairman Maximo Pacheco of Codelco, the country's top copper miner, told Reuters the company wanted to know which copper products would be included and if the tariff would hit all Gratton, president of the Mining Association of Canada, said the tariff is concerning for copper smelters such as Glencore's GLEN.L Horne facility in Quebec. Gratton added he was waiting for the 232 report from Trump 50% tariff on copper imports would hit US companies that use the metal because the country is years away from meeting its needs, said Ole Hansen, head of commodity strategy at Saxo Bank."The U.S. has imported a whole year of demand over the past six months, so the local storage levels are ample," Hansen said. "I see a correction in copper prices following the initial jump."- Ends
Al Jazeera
6 days ago
- Business
- Al Jazeera
Trump set to announce 50 percent tariff on copper
United States President Donald Trump has said he will announce a 50 percent tariff on copper, hoping to boost domestic production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. Trump told reporters at a White House cabinet meeting that he planned to make the copper tariff announcement later in the day, but did not say when the tariff would take effect. 'I believe the tariff on copper, we're going to make 50 percent,' Trump said. US Comex copper futures jumped more than 12 percent to a record high after Trump announced the planned tariff, which came earlier than the industry had expected, with the rate steeper. After Trump spoke, Secretary of Commerce Howard Lutnick said in an interview on CNBC that the tariff would likely be put in place by the end of July or August 1. He said Trump would post details on his Truth Social media account sometime on Tuesday. In February, the administration announced a so-called Section 232 investigation into US imports of the red metal. Such an investigation allows the US Department of Commerce to analyse the impact of an import on national security. The deadline for the investigation to conclude was November, but Lutnick said the review was already complete. 'The idea is to bring copper home, bring copper production home, bring the ability to make copper, which is key to the industrial sector, back home to America,' Lutnick said. The National Mining Association declined to comment, saying it preferred to wait until details were released. The American Critical Minerals Association did not immediately respond to requests for comment. Copper is used in construction, transportation, electronics and many other industries. The US imports roughly half of its copper needs each year. Copper supplies Major copper mining projects across the US have faced strong opposition in recent years due to a variety of reasons, including Rio Tinto and BHP's Resolution Copper project in Arizona and Northern Dynasty Minerals's Pebble Mine project in Alaska. Shares of the world's largest copper producer, Phoenix-based Freeport-McMoRan, shot up nearly 5 percent in Tuesday afternoon trading. The company, which produced 1.26 billion pounds of copper in the US last year, did not immediately respond to a request for comment. Freeport, which would benefit from US copper tariffs but worries that the duties would hurt the global economy, has advised Trump to focus on boosting US copper production. Countries set to be most affected by any new US copper tariff would be Chile, Canada and Mexico, which were the top suppliers to the US of refined copper, copper alloys and copper products in 2024, according to US Census Bureau data. Chile, Canada and Peru, three of the largest copper suppliers to the US, have told the Trump administration that imports from their countries do not threaten US interests and should not face tariffs. All three have free trade deals with the US. Mexico's Secretariat of Economy, Chile's Ministry of Foreign Affairs and Canada's Department of Finance did not immediately respond to requests for comment. Chile's Mining Ministry and Codelco, the country's leading copper miner, declined to comment. A 50 percent tariff on copper imports would affect US companies that use the metal because the country is years away from meeting its needs, said Ole Hansen, the head of commodity strategy at Saxo Bank. 'The US has imported a whole year of demand over the past six months, so the local storage levels are ample,' Hansen said. 'I see a correction in copper prices following the initial jump.'
