Trump's Bold Move: Half-Off Tariff on Copper Imports

President Donald Trump has declared an imminent imposition of a 50% tariff on imported copper, aiming to enhance domestic production of the metal, vital for sectors such as electric vehicles, military hardware, and consumer goods. The announcement triggered a more than 10% surge in U.S. Comex copper futures.

During a White House cabinet meeting, Trump mentioned the tariff announcement scheduled for later in the day, omitting a specific date for its enforcement. Earlier in February, the administration initiated a Section 232 investigation into U.S. copper imports, with conclusions expected by November.

The National Mining Association and the American Critical Minerals Association have not yet provided comments regarding the tariff. Likewise, Freeport-McMoRan, America's largest copper producer, remains silent on the matter.

(With inputs from agencies.)