Trump says 50% copper tariff to take effect Aug. 1
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2hon MSN
Copper futures (HG1:COM) extended their rally on Thursday, rising around 2% as traders reacted to U.S. President Donald Trump’s announcement of a 50% tariff on imported copper, set to take effect on August 1.
President Trump's threatened 50% copper tariffs have boosted prices for the metal in the U.S. far ahead of anywhere else, lifting the premium to roughly one quarter. Copper futures mainly trad
Trump’s 50% copper tariff threat is likely a bluff to drive domestic investment, with markets pricing in a far lower risk if it materializes at all.
U.S. President Donald Trump broadened his global trade war on Tuesday as he announced a 50% tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals were coming soon.
London copper prices pared some earlier losses in volatile trading as traders digest President Trump’s announcement of a 50% U.S. import tariff. Gold futures slipped.
President Trump’s 50% tariffs on copper, due to start August 1, are causing unusual distortions in the metal markets. Copper is now 25% more expensive in New York than London. And there’s a rally in copper scrap.