The United States has imported half of its copper every year, which is used in construction, transport and electronics.
US President Donald Trump has said that he will announce the rate of percent on copper in the hope of promoting serious metal production for electric vehicles, military hardware, power grids and many customer goods.
Trump told reporters at the White House cabinet meeting that he had planned to announce the copper prices later, but did not say when the rate would be applicable.
Trump said, “I believe that copper prices, we are going to earn a percentile 5 percent.
After Trump announced the scheduled rates, the United States Compenser Copper Futures recorded more than 5 percent record high, which came before the industry expected.
After Trump spoke, the Commerce Secretary How Luttick said in an interview to the CNBC that these rates would be implemented in July or August 7. He said Trump would post some details on his truth social media account on Tuesday.
In February, the administration announced the so -called Section 232 inquiry into the US importance of Red Metal. Such investigations allow the US Commerce Department to analyze the impact of imports on national security. The deadline to conclude the inquiry was November, but Luttnik said the review was already completed.
“The idea is to bring copper home, bring copper production home, to make copper, which is the key to the industrial sector and return to the United States.”
The National Mining Association refused to comment and preferred to wait until the details were announced. The American Critical Minerals Association did not respond immediately to the comment requests.
Used in copper construction, transport, electronics and many other industries. The United States needs half of its copper every year.
Copper supply
In recent years, the largest copper mining projects in the United States have been facing strong opposition from the Rio Tinto and BHP’s resolution copper project and the North Dynasty mineral mining projects in Alaska.
Shares of the world’s largest copper manufacturer, Phoenix-based Free Report-Mexoron, increased trade by about 5 percent on Tuesday afternoon. Last year, a company that made 1.26 billion pounds of copper in the United States did not respond immediately to the comment request.
Trump has advised to focus on promoting US copper production due to the concern that these duties will benefit from American copper prices, but these duties will hurt the global economy.
According to the US Censal Bureau’s data, any new copper prices in the country have the highest supply of Chile, Canada and Mexico to countries in countries.
Three of the copper suppliers in the United States have told the Trump administration to the Trump administration that imports from their countries are not in danger of the interests of the United States and they will not have to deal with rates. All three have free trade deals, including the United States.
The Secretariat of Mexico’s economy, Chile’s Ministry of Foreign Affairs and Canada Finance Department did not respond immediately to comment. Chile’s Ministry of Ministry and leading copper mining mining in the country, Kodelco, refused to comment.
The per cent on copper imports will affect American companies that use metal because the country is a few years away from their needs, said Ole Hansen, head of the Commodity of Saxo Bank.
Hansen said, “The United States has imported the entire year’s demand in the last six months, so local storage levels are high,” Hansen said. “After the initial jump I saw the improvement of copper prices.”
