US President Donald Trump has announced a 50% tariff on copper imports, expanding his administration’s aggressive trade measures already in place on steel and aluminium.
“Today we’re doing copper. I believe the tariff on copper—we’re going to make it 50%,” Trump said during a cabinet meeting on Tuesday.
ALSO READ: Copper tumbles globally after Trump’s 50% tariff call
The announcement sent global copper prices soaring by over 10%, although they later eased slightly, according to a Yahoo Finance report. The proposed tariff is expected to be implemented by the end of July or on August 1, according to US Commerce Secretary Howard Lutnick, who confirmed the development shortly after the President’s remarks.
The move concludes an investigation by the US Commerce Department that began in February under Section 232 of the Trade Expansion Act. With this, copper joins steel and aluminium in attracting 50% tariffs under Trump’s broader push for what he calls “reciprocal” trade policies.ALSO READ: Hindustan Copper, Vedanta shares tumble up to 4% after Trump announces 50% tariffs on copper importsShares of Hindustan Copper were under pressure on Wednesday, falling as much as 3.5% to hit their day’s low of Rs 264.10 on the BSE. Meanwhile, the shares of Vedanta slipped 1.3% to Rs 450.05.
Trump also hinted at further tariffs, including a potential 200% levy on pharmaceutical imports after a grace period of 12 to 18 months, giving companies time to realign their supply chains. He said additional announcements related to pharmaceutical drugs and computer chips would be made soon.
