 "Trump may impose copper tariffs sooner than expected, prices hit record high")
US President Donald Trump is likely to impose tariffs on copper imports. These fresh tariffs could be introduced within several weeks, months earlier than the deadline for a decision, Bloomberg reported, citing people familiar with the matter.
Following the news, copper traded in New York rose to a record high.
Trump directs investigation into copper tariffs
Earlier, in February, Trump directed the Commerce Department to open an investigation into potential copper tariffs and submit a report within 270 days. However, it is now expected to be resolved sooner, said people who asked not to be identified because the discussions are confidential.
The investigation already appears to be little more than a formality, some sources said, as Trump has repeatedly stated his intention to impose the tariffs.
The administration is moving quickly with the review, and a conclusion could be reached well before the 270-day deadline, according to an official familiar with the process, who spoke on condition of anonymity.
In February, White House trade adviser Peter Navarro said the investigation would proceed swiftly.
“You will see our new secretary of commerce, Howard Lutnick, move in what I like to call ‘Trump time’, which is as quickly as possible to get the results of the investigation on the president’s desk for possible action,” Navarro said.
Trump has warned of a possible 25 per cent tariff on all copper imports. This move could disrupt the global market for this essential metal, used in pipes and electrical cables.
Impact Shorts
More ShortsCopper prices surge in New York, falls in London
Copper prices in New York surged 3.1 per cent to a record $5.3740 per pound before settling at around $5.3005. Meanwhile, the benchmark price in London dipped slightly to $10,100 per tonne.
This has widened the gap between the two markets to over $1,600 per tonne.
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