President Trump said on Tuesday that 50 percent tariff would be imposed on copper, the authorities later impressed by adding new taxes to August.
“Today, we are copper,” Trump said in a cabinet meeting. “I am confident that tariff on copper, we are going to make it 50 percent.”
Commerce Secretary Howard Lutnik told CNBC After the meeting that the tariff on copper is ready to be effective by August and its purpose is to increase production in the US, stating that Trump will give more details on social media.
“So copper will be 50 percent and this idea is to bring copper home, bring home production home. Bring the ability to make copper, which is important for the industrial sector, back home to the US.
He said, “Therefore it will be out today, you will see that the President will see the truth about it this afternoon. We will sign a proclamation as it goes through a simple legal process within a day or two. It will come out, but then the copper will be set, possibly put in late July, maybe 1 August.”
After the announcement of the plan to levy the tariff on the metal, the copper futures jumped up to 17 percent, Bloomberg Informed
Lutnik said in March that Trump Introduction scheme Tariff standing on copper imports after that Guided cabinet officer Earlier this year, the country’s ability to rely on the domestic supply chain was examined.
Trump has placed other board tariffs on industry-specific goods, including 50 percent tariff on steel and aluminum. Got into effect Last month. The President on Tuesday threatened to impose 200 percent tariffs on pharmaceuticals.
Tariff on copper comes when the administration sent dozens of letters to business partners on Monday to determine the tariff rates, to be effective on August 1, August 1, a new time limit for tariffs.
