Trump confirms 50% copper tariff from 1 August
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The news: US President Donald Trump has confirmed a new 50% tariff on copper imports will come into force from 1 August, saying in a social media post that the decision followed a national security assessment.
The context: Trump signalled the new tariff earlier this week, which sent global prices down on Wednesday.
Australian producers Evolution Mining (-7%), Sandfire Resources (-3.5%) and Capstone Copper (-3%) all closed lower.
However, Evolution (2.5%) and Sandfire (0.9%) were trading higher at 11am AEST, while Capstone Copper (-0.7%) fell.
What they said: "Copper is necessary for Semiconductors, Aircraft, Ships, Ammunition, Data Centers, Lithium-ion Batteries, Radar Systems, Missile Defense Systems, and even, Hypersonic Weapons, of which we are building many," Trump said in a post on Truth Social.
"Copper is the second most used material by the Department of Defense!
"Why did our foolish (and SLEEPY!) "Leaders" decimate this important Industry? This 50% TARIFF will reverse the Biden Administration’s thoughtless behavior, and stupidity. America will, once again, build a DOMINANT Copper Industry. THIS IS, AFTER ALL, OUR GOLDEN AGE!"
The source: Truth Social
