Trump Administration Puts Refined Copper Tariffs on Hold Amid Affordability Concerns
The White House has put off making a decision on refined copper tariffs as government officials weigh in on concerns over affordability.
Copper prices have reached record highs, with the three-month contract on the London Metal Exchange (LME) increasing by almost 2% to $14,858.50 per tonne and COMEX copper futures climbing to a record $6,894 per pound.
The delay in tariff decision-making comes as the Trump administration focuses on affordability ahead of the November midterm elections. The government is under pressure to implement policies that won't add to consumer costs beyond what they already are. With gas prices rising 44% since the war in Iran began, consumers are feeling the pinch.
The expected tariffs were part of President Trump's broader push to rebuild US domestic manufacturing and reduce reliance on foreign supplies. The news has led to falling shares of copper producers like Freeport-McMoRan (NYSE:FCX), Rio Tinto (ASX:RIO), and BHP (ASX:BHP).