President Donald Trump has announced a new 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both to start on August 1.
Trump first broached the copper tariff during a cabinet meeting on Tuesday, setting off a scramble by companies to import as much copper as soon as possible from Chile and other major suppliers.
He blamed the decline of the U.S. copper industry on past administrations, saying copper was needed for semiconductors, aircraft, electric vehicle batteries, and military hardware.
Trump’s Brazil tariff order came in a letter to Brazilian President Luiz Inacio Lula da Silva that vented anger over what he called the “Witch Hunt” trial of Lula’s right-wing predecessor, Jair Bolsonaro, and adding to an increasingly bitter public feud with Lula, Reuters said.
