President Trump Announces New 50% Tariff On Copper Imports

President Donald Trump announced on Tuesday (July 8) that he plans to impose a 50% tariff on all copper imports. This move marks the fourth major tariff imposed during his second term, following similar tariffs on imported cars, car parts, steel, and aluminum. However, it remains unclear when the new copper tariff will take effect.

The decision to impose the tariff follows a Section 232 investigation into copper imports that Trump ordered in February. Copper is a vital component in various goods, including electronics, machinery, and cars. As a result, the tariff could lead to increased prices for these products.

Following Trump's announcement, copper prices surged to record highs, with the most actively traded copper futures contract in New York jumping by 15% to reach $5.66 per pound. Copper prices have already risen 38% this year, partly due to stockpiling efforts to avoid the impending tariffs.

Trump's decision is part of a broader plan to impose tariffs on select industries, including drugs, semiconductors, and metals. The President also indicated that pharmaceutical manufacturers might have a year before facing a significant 200% tariff on foreign-made products.