Copper prices hit record high

President Trump's threat to impose a 50% tariff on copper products imported into the US has sent the price of the metal to a record high.

Copper prices surge after US tariff warning

President Trump's threat to impose a 50% tariff on copper products imported into the US has raised concerns in the commodity market, causing the price of this metal to record a record increase.

According to Bloomberg, copper futures on the Comex exchange at one point jumped as much as 17%, marking a record increase in a trading day, after President Trump warned of tariffs much higher than the market expected. According to US Commerce Secretary Howard Lutnick, the investigation into copper imports into the US has been completed, and the new tariffs could be implemented in late July or August. Experts predict that prices will increase sharply in the short term, due to a wave of buying before the tariffs take effect.

“Today, we’re going to put a tariff on copper. On copper, it’s going to be 50 percent,” Trump said at a cabinet meeting at the White House, CNBC reported. He did not say when the tariffs would take effect.

Copper is the third most consumed metal, after iron and aluminum. The United States imports nearly half of its copper, mostly from Chile, according to data from the U.S. Geological Survey. In late February, Trump ordered a national security investigation into copper imports, which could result in new tariffs on the metal coming into the United States from abroad.

In an interview with CNBC later on July 8, US Commerce Secretary Howard Lutnick said the investigation was complete. “The idea is to bring copper production back home,” Lutnick said, noting that Trump’s move would bring the copper tariffs on par with those on steel and aluminum. Trump doubled tariffs on steel and aluminum to 50% in early June.

Source: https://baoquangninh.vn/gia-dong-tang-ky-luc-3366027.html