Trump says 50% copper tariff to take effect Aug. 1
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Manufacturers and construction companies — as well as consumers — would face higher prices if the U.S. jacks up tariffs on copper, analysts said.
President Trump will wield 50% copper tariffs on August 1 as he promises more to come with countries such as Brazil in the crosshairs. Nvidia scores the first $4 trillion market cap milestone, lifting the Nasdaq to a record.
The White House initiated a Section 232 investigation in February, allowing the president to impose tariffs on national security grounds. Trump stated that a “robust” assessment confirmed the need for tariffs to safeguard US copper production.
Trump said on Tuesday that he would impose a 50% tariff on copper. Though the remarks were light on specifics, his comments sent the metal to all-time highs.
U.S. President Donald Trump's announcement of a proposed 50% tariff on copper imports has raised concerns in Chile and Peru, which together account for nearly 40% of global copper production.
Comex copper turns lower a day after President Trump announced a higher than expected 50% tariff on copper imports that caused a record spike in US futures and a drop in the global benchmark
Fed minutes and copper are in focus Wednesday as stocks look to shake of tariff anxiety and rally to fresh record highs.
U.S. President Donald Trump on Tuesday said he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening his trade war that has rattled markets worldwide.
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