Trump imposes 50 per cent tariff on all copper imports
U.S. President Donald Trump announced a 50 per cent tax on imported copper, adding to his administration’s list of global tariffs.
U.S. President Donald Trump announced a 50 per cent tax on imported copper, adding to his administration’s list of global tariffs.
“Today, we’re doing copper,” Trump told reporters at the White House on Tuesday. “I believe the tariff on copper, we’re going to make it 50 per cent.”
According to the Department of Natural Resources, Canada exported roughly $9.3 billion worth of copper and copper-based products in 2023, 52 per cent of which went to the U.S. market.
Trump initially launched a Section 232 investigation of the U.S. Trade Expansion Act over the import of copper in February.
In a White House press release at the time, the announcement cited that it’s “the policy of the United States to ensure a reliable, secure, and resilient domestic copper supply chain.”
Section 232 of U.S. trade law permits the president to implement tariffs on goods that have been deemed a threat to “national security.”
Trump made use of the section during his first term to impose tariffs on metals.
However, the U.S. levy on Canadian products had been previously removed under the Canada-U.S.-Mexico Agreement while former prime minister Justin Trudeau was still in power.
Section 232 tariffs have since been reintroduced on steel, aluminum and autos, which has resulted in major disruptions to Canada’s economy, such as layoffs and reduced exports.
Additionally, the Trump administration has imposed 25 per cent tariffs on imports from Canada not covered by CUSMA, with a reduced rate on energy and potash.
Prime Minister Mark Carney has yet to respond to the latest tariff announcement on copper.
However, Canada exports vast quantities of the metal to the U.S. market, which could result in American buyers pulling back on procurement.
China and Japan are Canada’s next largest markets, making up for 17 per cent and 12 per cent of total exports, respectively.
Carney and Trump have earmarked the tentative deadline of July 21 to resolve trade negotiations.
What Trump is doing is making America ready if there was a World War. Right now if China, Russia, Iran OPEC, India all got together and declared war on the west, we would be in big trouble, as the US relies on other countries for too many key production materials. In WW2, the only reason the Allied forces beat Hitler is because the US was a world manufacturing super power. If the 1941 US was as weak as it is today, we might all be speaking German right now.