Canada Slaps 50% Tariff on Copper Wire Amid Escalating Trade Dispute

Canada has escalated its trade dispute with the US by adding copper wire to a list of products facing a 50% retaliatory tariff. This move comes in response to US President Donald Trump's new 50% tariffs on certain Canadian goods, which are set to take effect on September 8th.

The Canadian Government is seeking to match the US measures on a dollar-for-dollar basis, targeting around $28 billion worth of annual imports. Copper wire and charcoal have been added to the list in place of fish and seafood products, which were previously included but have since been removed from the retaliatory tariff list.

Other Canadian measures include raising tariffs on US steel and aluminum products from 25% to 50%. Certain glass containers, printed pictures, and plaster tiles imported from the US will also face a 50% tariff. The Canadian Government stated that it is continually working with industries to assess the effectiveness of these measures.

The latest developments add another layer of uncertainty to the global copper market, which is already experiencing trade policy uncertainty due to the ongoing trade dispute between Canada and the US. Traders have been shipping large volumes of metal into the US in anticipation of potential duties, leading to tightening inventories elsewhere and pushing copper prices to record levels.