Latest news with #U.S.Comex
News18
3 days ago
- Business
- News18
US President Donald Trump Announces 50% Tariff on Copper Effective August 1
US President Donald Trump announced on Wednesday a new 50% tariff on copper to start on August 1 US President Donald Trump announced on Wednesday a new 50% tariff on copper to start on August 1 in a bid to promote domestic development of an industry critical to defense, electronics and automobiles. The move marks the latest in a string of sectoral tariffs Trump has placed on industries such as steel and aluminum that economists warn will drive up costs for American consumers. Trump signaled on Tuesday that he was imposing fresh tariffs on copper, sending U.S. Comex copper futures to record highs. The White House ordered a Section 232 investigation into copper imports in February, using a law that gives the president authority to impose higher tariffs based on national security grounds. Trump said on Wednesday that he received a 'robust" national security assessment that concluded tariffs were necessary to protect U.S. production of a commodity that is critical across an array of industries. 'Copper is necessary for Semiconductors, Aircraft, Ships, Ammunition, Data Centers, Lithium-ion Batteries, Radar Systems, Missile Defense Systems, and even, Hypersonic Weapons, of which we are building many," Trump said in a post on Truth Social. The U.S. depends on imports for nearly half of its refined copper needs, and brought in 810,000 metric tons in 2024, according to the U.S. Geological Survey. Countries set to be most affected by the tariff are 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 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. The steep tariff is designed to encourage production in the U.S. More than two-thirds of the country's copper is mined in Arizona, where the development of a massive new mine planned by Rio Tinto and BHP has been stalled for more than a decade. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Straits Times
3 days ago
- Business
- Straits Times
Trump announces 50% tariff on copper effective August 1
Sign up now: Get ST's newsletters delivered to your inbox WASHINGTON - U.S. President Donald Trump announced on Wednesday a new 50% tariff on copper to start on August 1 in a bid to promote domestic development of an industry critical to defense, electronics and automobiles. The move marks the latest in a string of sectoral tariffs Trump has placed on industries such as steel and aluminum that economists warn will drive up costs for American consumers. Trump signaled on Tuesday that he was imposing fresh tariffs on copper, sending U.S. Comex copper futures to record highs. The White House ordered a Section 232 investigation into copper imports in February, using a law that gives the president authority to impose higher tariffs based on national security grounds. Trump said on Wednesday that he received a "robust" national security assessment that concluded tariffs were necessary to protect U.S. production of a commodity that is critical across an array of industries. "Copper is necessary for Semiconductors, Aircraft, Ships, Ammunition, Data Centers, Lithium-ion Batteries, Radar Systems, Missile Defense Systems, and even, Hypersonic Weapons, of which we are building many," Trump said in a post on Truth Social. The U.S. depends on imports for nearly half of its refined copper needs, and brought in 810,000 metric tons in 2024, according to the U.S. Geological Survey. Countries set to be most affected by the tariff are 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 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. The steep tariff is designed to encourage production in the U.S. More than two-thirds of the country's copper is mined in Arizona, where the development of a massive new mine planned by Rio Tinto and BHP has been stalled for more than a decade. REUTERS
Yahoo
3 days ago
- Business
- Yahoo
Trump announces 50% tariff on copper effective August 1
WASHINGTON (Reuters) -U.S. President Donald Trump announced on Wednesday a new 50% tariff on copper to start on August 1 in a bid to promote domestic development of an industry critical to defense, electronics and automobiles. The move marks the latest in a string of sectoral tariffs Trump has placed on industries such as steel and aluminum that economists warn will drive up costs for American consumers. Trump signaled on Tuesday that he was imposing fresh tariffs on copper, sending U.S. Comex copper futures to record highs. The White House ordered a Section 232 investigation into copper imports in February, using a law that gives the president authority to impose higher tariffs based on national security grounds. Trump said on Wednesday that he received a "robust" national security assessment that concluded tariffs were necessary to protect U.S. production of a commodity that is critical across an array of industries. "Copper is necessary for Semiconductors, Aircraft, Ships, Ammunition, Data Centers, Lithium-ion Batteries, Radar Systems, Missile Defense Systems, and even, Hypersonic Weapons, of which we are building many," Trump said in a post on Truth Social. The U.S. depends on imports for nearly half of its refined copper needs, and brought in 810,000 metric tons in 2024, according to the U.S. Geological Survey. Countries set to be most affected by the tariff are 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 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. The steep tariff is designed to encourage production in the U.S. More than two-thirds of the country's copper is mined in Arizona, where the development of a massive new mine planned by Rio Tinto and BHP has been stalled for more than a decade. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
3 days ago
- Business
- Time of India
US president Donald Trump says 50% copper tariff to take effect August 1
President Donald Trump announced Wednesday that a 50 percent tariff on US imports of copper, a key metal for green energy and other technologies, will take effect on August 1. "I am announcing a 50% TARIFF on Copper, effective August 1, 2025, after receiving a robust NATIONAL SECURITY ASSESSMENT," Trump posted on his Truth Social platform, likely alluding to a Department of Commerce investigation launched earlier this year. bur-des/bjt Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads PRODUCT TARIFFS IN EFFECT PRODUCT TARIFFS - THREATENED COUNTRY TARIFFS IN EFFECT Tired of too many ads? Remove Ads U.S. President Donald Trump announced on Wednesday a 50% tariff on copper, saying on social media that it would be effective August 1 and that the decision was made after a national security assessment."Copper is necessary for Semiconductors, Aircraft, Ships, Ammunition, Data Centers, Lithium-ion Batteries, Radar Systems, Missile Defense Systems, and even, Hypersonic Weapons, of which we are building many," Trump said in a post on Truth signaled on Tuesday that he was imposing fresh tariffs on copper, sending U.S. Comex copper futures to record has set a baseline tariff of 10% on all imports to the United States, as well as additional duties on certain products or is a list of targeted tariffs he has implemented or threatened to put in and aluminum - 50%Autos and auto parts - 25%Copper - 50%Pharmaceuticals - up to 200%Semiconductors - 25% or higherMovies - 100%Timber and lumberCritical mineralsAircraft, engines and partsCanada - 10% on energy products, 25% for other products not covered by the U.S.-Canada-Mexico AgreementMexico - 25% for products not covered by USMCA China - 30%, with additional tariffs on some productsUnited Kingdom - 10%, with some auto and metal imports exempt from higher global ratesVietnam - 20% for some products, 40% on transshipments from third countriesAlgeria 30%Bangladesh 35%Bosnia and Herzegovina 30%Brunei 25%Cambodia 36%Indonesia 32%Iraq 30%Japan 25%Kazakhstan 25%Laos 40%Libya 30%Malaysia 25%Moldova 25%Myanmar 40%Philippines 20%Serbia 35%Sri Lanka 30%South Africa 30%South Korea 25%Thailand 36%Tunisia 25%
Nikkei Asia
4 days ago
- Business
- Nikkei Asia
Trump says he will impose 50% tariff on US copper imports
WASHINGTON (Reuters) -- President Donald Trump said on Tuesday he will announce a 50% tariff on copper later in the day, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. Trump's decision to impose copper tariffs surprised markets -- coming earlier and at a higher rate than the industry had expected. U.S. Comex copper futures jumped more than 12% after the announcement to a record high. 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%," Trump said. U.S. Commerce Secretary Howard Lutnick said in an interview on CNBC on Tuesday that the copper tariffs would likely be put in place by the end of July or Aug. 1. The Trump administration announced a so-called Section 232 investigation into U.S. imports of the red metal in February. The deadline for the investigation to conclude was November, and it was unclear whether the fresh tariffs meant the investigation had concluded. The White House did not immediately respond to a request for comment. 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 United States imports roughly half of its copper needs each year. Major copper 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 United States 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 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 United States 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 United States -- have told the Trump 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 United States. 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 copper miner declined to comment. A 50% tariff on copper imports would be a hit to 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," Hansen said. "I see a correction in copper prices following the initial jump."
