Trump, Copper and Tariff
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The Aug. 1 deadline for Trump's 50% copper tariffs signals the endgame for the most profitable trade that industry veterans say they have ever seen.
U.S. copper prices vaulted to new highs after President Trump said Washington will slap imports of the metal with a 50% tax.Front-month futures contracts jumped 13% Tuesday after Commerce Secretary Howard Lutnick said on CNBC that the new tariffs will go into effect by Aug.
President Trump wants America to produce more of the much-needed mineral, but a 50 percent tariff could undermine his aim of a manufacturing renaissance.
The commodity’s price is near a record high because of Trump’s trade war. It might be wise for investors to wait for a dip before easing in.
The fire marshal is investigating the cause of an early-morning fire at a copper plant in Leetsdale. Firefighters were called to Hussey Copper, located just off Route 65 along Washington Street, around 5:30 a.m.
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Fifteen months since a devastating fire destroyed more than half the building, and ten months since the start of a multi-stage reconstruction effort, skilled workers are laying a new copper roof on parts of Copenhagen 's Old Stock Exchange building.
Freeport-McMoRan could see a $1.6-billion boost to annual profit if President Donald Trump's copper tariff materializes, a benefit driven by the firm's role as the largest U.S. producer with more expansion options than rivals.
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