Trump's Bold Move: A 50% Copper Tariff to Boost U.S. Production

President Donald Trump has announced a significant 50% tariff on copper, aiming to boost U.S. production of this crucial metal. The announcement sent U.S. Comex copper futures soaring over 12%, reaching record highs earlier than expected in the industry.

At a White House gathering, Trump elaborated on the tariff plan, although he did not specify its effective date. U.S. Commerce Secretary Howard Lutnick indicated that the tariff could be implemented by the end of July or August 1, with further details expected via Trump's Truth Social media post.

Industry reactions were mixed, with the National Mining Association withholding comments until more information emerges. Freeport-McMoRan, a major copper producer, expressed concerns about potential global economic impacts but noted that a focus on boosting U.S. copper production was a priority.

(With inputs from agencies.)