US President Donald Trump
The White House said President Donald Trump signed an executive order, on July 30, imposing a universal 50% tariff on copper imports, citing national security concerns.
The White House released a fact sheet stating that the tariffs cover semi-finished copper products and copper-intensive derivative products.
The new tariffs will take effect from Aug.1.
However, tariffs will not apply to copper scrap and raw materials used in production, such as copper ores, concentrates, mattes (a mixture of copper and iron sulfides), cathodes, and anodes.
In addition to the tariffs, the order emphasized the need to take steps to support the domestic copper industry, including requiring producers to sell 25% of their high-quality copper scrap produced in the US into the local market.
China talks going well
Meanwhile, Trump said that talks with China are going well, expressing his optimism on reaching a “very fair” trade agreement between the two sides.
“We’re moving along with China. We’re doing fine with China,” Trump said.
“I think it’s going to work out very well. We’re right in step. I think we’re going to have a very fair deal with China.”
His remarks came after the US and Chinese officials held a new round of talks in Stockholm, the Swedish capital, on Monday and Tuesday. During the negotiations, an agreement was reached in principle to extend the tariff truce, but the final decision remains with Trump.
Negotiations with India ongoing
Meanwhile, the US president said trade negotiations with India were still ongoing, despite his announcement earlier in the day that he would impose a 25% tariff on imports from New Delhi, starting next Friday.
“We’re still talking to India. They have one of the highest tariffs in the world, but they have indicated a willingness to lower it substantially. We’ll see what happens, and it’ll be clear by the end of this week.”
The US will also impose an “unspecified penalty” on India, a move that threatens to undermine months of talks between the two nations and cast a shadow over the relationship with one of Washington’s most prominent partners.
When asked about the reason for the sanctions, Trump said the decision was partly due to trade disputes, as well as India’s participation in the BRICS, which he described as “anti-American policies.”
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