President Trump on Tuesday directed his Commerce secretary to research the necessity for attainable tariffs on copper, the most recent business to probably be focused by Trump’s sweeping commerce agenda.
“Like our steel and aluminum industries, our great American copper industry has been decimated by global actors attacking our domestic production,” Commerce Secretary Howard Lutnick stated in an announcement. “To build back our copper industry, I will investigate the imposition of possible tariffs. Tariffs can help build back our American copper industry if necessary and strengthen our national defense.”
White Home officers argued copper and copper alloys are vital for navy {hardware} and nationwide safety preparedness. They cited issues about international dumping of copper to oversaturate the market and a reliance on international copper manufacturing as the rationale Trump is directing Lutnick to conduct the investigation that might precede tariffs.
The aim is to extend copper manufacturing domestically, White Home officers stated. There was no quick timetable on when the investigation would conclude or when tariffs could possibly be introduced, with one White Home official saying the aim is to maneuver “as quickly as possible and get the results of his investigation to the president’s desk for possible action.”
Lutnick’s investigation into the copper business comes after Trump earlier this month took motion to bolster tariffs on all metal and aluminum imports into the USA and crack down on makes an attempt by China and Russia to evade penalties.
Trump has additionally threatened reciprocal tariffs on imports from all nations that levy tariffs on U.S. items, set to take impact in early April. He has additionally floated placing tariffs on vehicle imports, lumber, pharmaceutical merchandise and different items.
The president had delayed 25 p.c tariffs on Canada and Mexico till early March after these nations agreed to take actions to crack down on the move of unlawful medicine on the border.
Reuters reported in January that the U.S. imports 38 p.c of its copper wants.
A White Home official stated the U.S. produces 28 p.c of the quantity of copper produced by Chile and 14 p.c of what China produces. A U.S. Geological Survey report discovered the U.S. produced roughly 1.1 million tons of recoverable copper in 2023, which was valued at $9.9 billion, down 11 p.c from its worth in 2022. A report on 2024 manufacturing was not but out there.
