President Donald Trump imposed a 50% tariff on all semi-finished copper products coming into the US but stopped short of applying the duty to imported refined copper, sparing much of the domestic industry from potential higher costs.
Trump on Wednesday issued a proclamation setting fresh duties on copper imports, but the scope was not as broad as many market participants expected. The new rates are effective Aug. 1, according to a White House fact sheet.
Prices of the metal fell as much as 18% before paring some of the losses to trade at $5.1310 a pound as of 2:11 p.m. in New York.
Much of the US market had anticipated some tariff on raw copper, the key input for wiring and other products that are ubiquitous for the homebuilding, construction and automobile industries.
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