Looming Copper Tariffs Leave Companies Scrambling
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Copper futures dropped over 2% to $5.46 per pound on Friday, despite being poised for a weekly gain of around 10% with analysts at BMI pointing to sudden shifts in U.S. trade policy.
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Craig Hutchison, TD Cowen base metals equity research analyst, joins 'Squawk Box' to discuss which stocks can benefit from Section 232 tariffs, the broader goal of tariffs on copper and much more.
Prices of copper in the US have surged since January, when President Donald Trump threatened to impose a tariff on imports of the metal that’s a vital component in power networks, plumbing and industrial machinery.
Copper futures rose dramatically following President Trump's plan for a 50% import tariff, pushing domestic prices to a 25% premium over global markets amid growing demand.
President Donald Trump announced on Wednesday night that the United States will impose a 50 percent tariff on copper, effective August 1. Trump wrote on Truth Social that he came to the decision after a "robust NATIONAL SECURITY ASSESSMENT."
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U.S. President Donald Trump's plans to impose 50% tariffs on copper would include semi-finished products such as those used for power grids, the military and data centers, Bloomberg News reported on Thursday,
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Manufacturers and construction companies — as well as consumers — would face higher prices if the U.S. jacks up tariffs on copper, analysts said.
What Happened in Markets Today Copper prices—and mining stocks—rose after Trump confirmed a 50% tariff on the metal will take effect Aug. 1. Prices for the [metal hit record highs](
Copper miners remain bullish on the metal's future prospects even as a looming 50% U.S. tariff creates short-term price volatility, Barrick Mining Corp CEO Mark Bristow said in Zambia, where the company is expanding its operations.
The president was following through on an earlier statement that he would target a key metal used for semiconductors, lithium-ion batteries and more.
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Michael Widmer, BoA Securities head of metals research, joins 'Money Movers' to discuss the market moves in the metal commodities space.