US President Donald Trump announced a 50% tariff on US copper imports from 1 August in a post on his platform TruthSocial on Thursday.
"America will once again build a dominant copper industry," Trump promised in his message. The US president criticised the previous administration, led by Democrat Joe Biden, accusing it of decimating the industry.
In April, as part of his effort to rebalance trade relations in favour of the United States, Trump imposed a minimum surcharge of 10% on imports, with some exemptions including gold, copper, oil, and medicines.
On Tuesday, he revisited these exceptions, proposing a 200% surcharge on pharmaceuticals and a 50% surcharge on copper. This announcement caused copper prices in New York to soar by nearly 10%, surpassing their all-time high.
If the copper tariffs are enacted, prices for goods manufactured with the metal, such as refrigerators and cars, could rise, similar to other imported products facing increased tariffs.
