President Donald Trump imposed 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading, triggering a record plunge for U.S. prices. Martin Ritchie reports on Bloomberg Television.
Breakdown
- President Trump imposed a 50 percent tariff on copper imports, exempting refined copper.
- U.S.-traded copper dropped 22 percent over two days, with a 20 percent fall in one day. 9s
- The market expected a 25 percent tariff, but the final announcement was for 50 percent. 41s
- Details about which products would be covered and possible exemptions were unclear until the announcement. 51s
- Copper futures in New York fell over 20 percent, bringing prices in line with the London Metal Exchange. 1m 22s
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Global Tariffs
Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.