Today, Tuesday, July 8, President Donald Trump announced that he will be imposing a 50% tariff on copper imported into the United States—joining the list of tariffs causing economic uncertainty across the globe.
Canada is a major exporter of copper into the U.S., exporting approximately $9.3 billion worth of copper and copper-based products in 2023 with 52% of that going to the United States. Back in February, the Trump administration issued a Section 232 investigation over the import of the metal and have already imposed levies on steel and aluminum, which have been particularly damaging to the Canadian economy.
This latest announcement will likely fuel an already tense trade negotiation between the two nations and cause more harm to the Canadian economy, while increasing the cost for U.S. importers bringing in metal. Canada’s July 21 deadline to reach a trade deal with the United States appears to remain.
Source: CBC
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