Trump’s 50% copper import tariff said to cover refined metal

[NEW YORK] US President Donald Trump’s promised 50 per cent copper tariffs are set to include all refined metal, indicating the president’s far-reaching efforts to bolster American production of one of the world’s most ubiquitous materials.

Trump’s announcement of the levy, which he said would begin on Aug 1, was devoid of much detail, but refined copper will be included, according to people familiar with the matter who asked not to be named as discussions are private. 

Refined copper represents the biggest category of the metal that is imported by the US, and including it in the tariff list will have widespread impacts. The metal is vital for electric grids, construction, carmaking and consumer electronics. Semi-finished products also would be hit with levies, Bloomberg News reported earlier.

The tariff measures have not yet been formalised and they should not be considered final until announced by Trump, according to a White House official.  

Just hours after Trump unexpectedly announced the 50 per cent copper tariff on Tuesday (Jul 8), the White House’s Council of Economic Advisers met with industry representatives who asked the president not include export controls of copper scrap, according to the people. The US is one of the world’s biggest generators of metal scrap, which annually outpaces domestic consumption. The extra metal gets shipped abroad.

Leading metals companies including miner Rio Tinto, fabricator Southwire and trader Trafigura have asked the White House to restrict exports of ore and scrap metal rather than imposing tariffs on imports. BLOOMBERG