Why Copper Prices Could Rise Even Higher Than Their Current Levels
Copper is critical for electronic and electrical products, ranging from car engines and chips in mobile phones. In the last few decades, the United States has produced less of the red metal domestically as it was bringing in low-cost copper from foreign suppliers. This explains why President Donald Trump’s announcement that a 50% tariff would be imposed on all imports of copper as from August 1st was surprising. In his statement, he argued that the tariff would stimulate domestic production, adding that it was necessary to reduce reliance on foreign sources as this posed a risk to national security. Prices…