Copper surges after Trump unveils 50% import tariff

PRESIDENT Donald Trump announced a 50% tariff increase on copper imports during Tuesday’s Cabinet meeting, according to a report by Bloomberg News. The levy forms part of wider trade restrictions targeting key industrial sectors.Financial markets reacted swiftly to the news, with copper prices jumping 17% in New York trading – the most dramatic single-day increase recorded since data collection began in 1988. The surge reflects investor concerns about supply chain disruptions and potential shortages, said Bloomberg News.Trump’s trade agenda extends beyond metals to encompass pharmaceuticals and semi-conductors, though drug manufacturers may receive breathing space before facing similar restrictions, said the newswire. Trump indicated a transitional period of 12 to 18 months would allow companies to shift production facilities to American soil.The copper tariff proposal builds upon existing trade investigations launched under 1962 legislation, which grants the administration authority to restrict imports deemed harmful to national security. Officials argue that excessive reliance on foreign suppliers in critical sectors poses strategic risks.This metals-focused approach operates independently from broader country-specific trade measures, which Trump confirmed would commence in August. The Section 232 investigations must conclude before the sectoral tariffs can be formally implemented.The administration’s strategy reflects growing concerns about America’s industrial dependence on overseas manufacturing, particularly in sectors considered vital to economic and defence interests, said Bloomberg News.The post Copper surges after Trump unveils 50% import tariff appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com