President Donald Trump’s threat to impose tariffs on US copper and aluminum imports will result in higher costs for local consumers because of a shortfall in domestic production, analysts and industry participants said on Tuesday.
In a speech on Monday, Trump said he would impose tariffs on aluminum and copper – metals needed to produce US military hardware – as well as steel, to entice producers to make them in the United States.
“We have to bring production back to our country,” he said. The threat of levies on US imports triggered buying on COMEX, where copper prices rose 0.9% to $4.2705 a lb, or $9,415 per metric ton, widening the premium over copper on the London Metal Exchange (LME) to $389 per ton.
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