Latest News

Bloomberg News reports that Trump's tariffs on copper will include semi-finished goods.

Bloomberg News, citing sources familiar with the situation, reported that President Donald Trump plans to impose a 50% tariff on copper, which would apply to semi-finished products used in power grids, data centers and the military.

Trump announced on Wednesday a new tariff of 50% on copper, effective August 1, to encourage the domestic development of a critical industry for defense, electronics, and automobiles.

Could not verify the report immediately. The White House didn't immediately respond to an inquiry for comment.

"Copper is essential for Semiconductors, Aircraft, Ships, Ammunition, Data Centers, Lithium Ion Batteries, Radar Systems, Missile Defense Systems, Hypersonic weapons, which we are building in large numbers," Trump stated on a Truth Social posting Wednesday.

In February, the White House launched a Section 232 inquiry into copper imports. This was done using a law which gives the president authority over higher tariffs based upon national security.

This is the latest of a series of tariffs Trump has imposed on sectors such as steel and aluminium that will increase costs for American consumers, according to economists. (Reporting and editing by Saad sayeed in Bengaluru, Rhea Abraham in Bengaluru)

(source: Reuters)