President Trump says copper tariffs will take effect on August 1.
Transcript:
CAROLINE WOODS: Copper is the latest tariff target. President Trump announced a 50% tariff on all copper imports —doubling the rate he previously floated. That sent copper prices soaring Tuesday before pulling back Wednesday. Still, they’re up about 7% this week and almost 40% this year, hovering just shy of record highs.
Copper is essential in everything from electronics to cars to industrial machinery—so higher prices could make those items more expensive for American consumers.
Last year alone, the U.S. imported $17 billion worth of copper, according to the Commerce Department.
It’s still unclear when the copper tariffs will take effect but it would mark the fourth major sector hit by tariffs under Trump.
Right now: Steel and aluminum are each facing 50% tariffsImported cars and car parts carry a 25% levy.
And next up? Possibly pharmaceuticals. Trump has threatened a 200% tariff on imported drugs.
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