🇺🇸 US President Donald Trump has officially announced a 50% tariff on copper imports, effective August 1. The move aims to promote domestic development of the industry, citing national security grounds. Copper is crucial for various sectors, including!

Defense: Semiconductors, aircraft, ships, ammunition, radar systems, missile defense systems, and hypersonic weapons

Electronics: Semiconductors, lithiumion batteries, and data centers

Automobiles: Electric vehicles and other automotive applications

The tariff is expected to impact major copper suppliers to the US, including:

Chile: Top supplier of refined copper, copper alloys, and copper products

Canada: Secondlargest supplier, with concerns about the impact on trade relations

Mexico: Significant supplier, with potential implications for trade agreements

The announcement led to a surge in copper prices, with Comex copper futures reaching a record high of $5.9535/lb. Analysts predict continued volatility and potential price increases due to the tariff.

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