Trump declares unprecedented tariff on essential metal
(MENAFN)
U.S. President Donald Trump has announced a sweeping 50% tariff on copper imports, set to take effect on August 1, as part of his broader push to revive domestic manufacturing and strengthen national security. The measure, which follows previous tariffs on steel and aluminum, is part of Trump’s global trade strategy aimed at reducing deficits and promoting reciprocal trade.
U.S. President Donald Trump has announced a sweeping 50% tariff on copper imports, set to take effect on August 1, as part of his broader push to revive domestic manufacturing and strengthen national security. The measure, which follows previous tariffs on steel and aluminum, is part of Trump’s global trade strategy aimed at reducing deficits and promoting reciprocal trade.
In a social media post on Wednesday, Trump highlighted copper’s critical role in numerous industries and defense systems, including semiconductors, aircraft, ships, ammunition, radar, missile defense, and hypersonic weapons. He emphasized copper’s importance to the Department of Defense, calling it the second-most-used material by the military.
Trump blamed the Biden administration for undermining the U.S. copper sector by halting or canceling major mining projects due to environmental and Indigenous land concerns. He vowed to rebuild the industry and restore America’s dominance in copper production.
The new tariff follows a national security review that determined the measure was essential for securing critical supply chains. Top copper exporters to the U.S.—Chile, Canada, and Mexico—are expected to be most affected, based on 2024 data from the U.S. Census Bureau.
Although the U.S. ranks seventh globally in copper reserves, it still relies on imports for nearly half its refined copper due to limited refining capacity. A 2024 report by S&P Global noted that it takes nearly three decades to bring a new copper mine online in the U.S., making domestic expansion a long-term challenge.
While copper has faced trade restrictions before, the scale of the new tariff is unprecedented. Critics argue the move could raise costs for U.S. manufacturers without significantly increasing copper production. Reuters columnist Clyde Russell cautioned that meaningful growth in domestic mining and refining will remain difficult in both the short and long term.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
