Copper price soars to record as Trump announces 50% tariff
me-metals: Copper prices jumped by double digits on Tuesday after US President Donald Trump announced plans to implement a 50% tariff on the industrial metal
According to me-metals cited from mining.com, “I believe the tariff on copper we’re going to make it 50%,” Trump said when asked by a reporter what the rate on those products would be.
In New York, the most-traded copper futures soared to a record $5.9535/lb. following Trump’s announcement, for an intraday gain of nearly 17%. By 2 p.m., the contracts had settled to around $5.5495/lb.
The copper levy is part of a set of looming sectoral tariffs the US President has planned on select industries. Other sectors that may be impacted include drugs and semiconductors.
In late February, Trump directed the Commerce Secretary to open an investigation into foreign copper imports under Section 232 of the Trade Expansion act.
source: mining.com
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