Tariff threats for copper too? Trump launches investigations into its imports as global trade tensions heat up!
Copper could be the latest metal to be hit by US President Donald Trump's tariff threats. Trump has launched an investigation into copper imports, which could be seen as a step closer to possible tariffs on the commodity.
The move comes as the U.S. looks for more ways to boost domestic copper production. The metal is used in a wide range of products such as electrical wiring, appliances, electric vehicles, data centers and more. It is also a key component in the energy transition, being used in solar panels and windmills as well, which are vital for renewable energy.
Roadside tariffs also for steel and aluminum
Earlier this month, Trump announced tariffs on global steel and aluminum, which are set to take effect on March 12 of this year. He has also indicated plans to move forward with a plan to impose a 25% tariff on goods imported from Canada and Mexico.
Trump has also hinted that he could impose reciprocal tariffs on individual countries, while he has already raised tariffs on products imported from China. This new investigation into copper imports has contributed to the escalation of global trade tensions, at a time when trade relations between the EU and the US, as well as the US and China, are already tense.
Although the US government has argued that this move is necessary to protect domestic copper companies from increasing Chinese competition, it has still led to concerns about higher costs among businesses and consumers.
Peter Navarro, the US president's top trade and manufacturing adviser, was quoted by the BBC as saying: "China has long used industrial capacity and dumping as an economic weapon to dominate global markets, systematically undercutting competitors and putting rivals out of business." China's copper exports to rise in 2024 as domestic demand lags
China was the world's fourth-largest copper producer, according to Statista, with Chile taking first place, followed by the Democratic Republic of the Congo and Peru. China's copper exports worldwide increased in 2024, following a decline in the country's domestic demand, which left significant surpluses of the metal available for export.
This was largely due to a slowdown in the country's construction and manufacturing sectors, as China is still dealing with the lingering effects of a real estate slump seen in recent years. Weaker consumer sentiment due to the current geopolitical and economic situation has made consumers wary of large purchases and investments, especially in sectors such as real estate, which are typically seen as riskier.
The main copper producer, Chile, has also faced a number of problems recently, including declining ore levels at mines like Chuquicamata, as well as strikes and worker accidents. Rising production costs and water shortages have also exacerbated these issues. All of this has led to more concerns about the possibility of copper prices rising in the coming months.
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