Citation :
President Donald Trump on Wednesday signed on order imposing a universal 50% tariff on copper imports, the latest metal he has targeted with a steep import tax.
U.S. copper prices plunged as much as 18% in after-hours trading as soon as the White House announced the new tariff rate. Copper miners Freeport-McMoRan and Southern Copper were down about 10% and more than 6%, respectively.
The sell-off, if it holds through Thursday’s trading session, will mark the metal’s largest single-day decline since 1989.
The new, higher copper tariffs go into effect Friday, according to a fact sheet released by the White House.
The Trump administration says that the new duties, which follow 50% U.S. tariffs already imposed on steel and aluminum, are aimed at boosting domestic industries and addressing “trade imbalances.”
But experts warn that they could raise prices on all sorts of products, ranging from construction materials to electronics, that utilize the versatile metal.
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