White House Halts Copper Tariff Plan Amid Affordability Concerns
The White House has put its copper tariff plan on hold due to concerns about affordability ahead of the November midterm elections. The administration is focused on keeping costs low for American consumers and businesses, with President Donald Trump and Republican lawmakers under pressure to demonstrate that their economic policies are not raising costs.
Copper prices have surged to record highs in anticipation of tariffs on refined copper products, including cathode and copper concentrate produced at mine sites. The market has rushed to build inventories in the US, creating one of the world's largest copper stockpiles.
The Commerce Department provided an update to Trump by a June 30 deadline set by the White House, but officials have not made a final decision on the tariffs. A White House official said the administration is continuing to evaluate options to reshore copper and other critical manufacturing back to the US.