The Trump administration on Wednesday announced anticipated tariffs on copper, levying different duties on finished products versus refined copper.
The White House in February announced an investigation into copper to lay the groundwork for potential tariffs on the metal.
As a result of that process, the administration Wednesday announced it would impose a 50 percent tariff on "all imports of semi-finished copper products and intensive copper derivative products." That will go into effect Aug. 1.
The administration also announced a phased tariff on refined copper. The tariffs will begin in 2027 at 15 percent and increase to 30 percent in 2028.
The White House cited findings that the United States' dependency on foreign copper imports was a "national security vulnerability" that could lead to supply chain disruptions and economic instability.
Copper prices declined on news of the new tariff plans.
The Trump administration has targeted various sectors with tariffs, with the president arguing that imposing duties on foreign imports will lead to greater production domestically.
The president had previously announced tariffs on steel and aluminum imports and has threatened tariffs on pharmaceuticals. He has also imposed a blanket tariff on all imports of 10 percent, with higher rates for certain countries.
Source: The Hill - News
