Washington — US President Donald Trump on Wednesday signed a proclamation ordering 50% tariffs on certain copper imports, citing national security, the White House said.
The proclamation imposes a 50% levy on semi-finished copper products and copper-intensive derivative products from August 1, according to a fact sheet released by the White House.
The tariffs exclude copper scrap and copper input materials such as copper ores, concentrates, mattes, cathodes, and anodes, according to the statement.
The measure came after a US investigation under section 232, which Trump ordered in February.
Along with tariffs, the order calls for steps to support the domestic copper industry, including that 25% of high-quality scrap produced in the US also be sold within the country.
Copper prices dropped to the lowest in more than a week on Wednesday as inventories climbed and investors worried about US tariffs.
Three-month copper on the London Metal Exchange was down 0.8% at $9,715.50 per tonne at 8pm GMT, its weakest since July 18.
Reuters
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