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CNN
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President Donald Trump said Tuesday he’s imposing a new 50% tariff on all copper. However, it’s unclear when the new tariff would take effect.
“Today we’re doing copper,” he said at a Cabinet meeting, adding that he believed the rate will be 50%.
This would mark the fourth across-the-board tariff Trump has imposed during his second term. Currently, imported cars and car parts face a 25% tariff while imported steel and aluminum face 50% tariffs.
Trump ordered a Section 232 investigation into copper imports in February.
Copper is a crucial component in a variety of goods, including electronics, machinery and cars. Tariffs on copper could make those goods more expensive.
Copper prices surged to all-time highs after Trump said he plans to levy tariffs on the red metal. The most actively traded copper futures contract in New York jumped as much as 15% and hit a record $5.66 per pound.
Copper prices have soared 38% this year as Trump’s tariffs are set to hike the cost of importing the metal, a reflection of the stockpiling occurring to get ahead of tariffs.
This is a developing story and will be updated.
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