US will hike tariffs on copper to 50%, Trump says

Copper entering the US from other countries is set to face a new tax of 50%, President Donald Trump has said.

The decision carries through on tariff threats he made earlier this year, when he ordered an investigation into how imports of the metal were affecting national security.

Similar probes are looming over other sectors, including pharmaceuticals, semiconductors and lumber, as part of a wider tariff plan that Trump claims will protect and boost American industry.

Copper prices in the US jumped after his announcement of the new import tax, which Commerce Department Secretary Howard Lutnick said he expected would come into effect around the end of the month.

Lutnick said he expected Trump to sign documents in the coming days to formalise the decision, which the president revealed in an offhand remark at a televised meeting of his cabinet.

"Today we're doing copper," Trump said. "We're going to make it 50%."

The US imported about 810,000 metric tons of refined copper last year, about half of what it consumed, according to the US Geological Survey.

Chile was the biggest supplier, followed by Canada.

The metal is seen as a key component in military equipment, as well as electric vehicles and construction.

The 50% rate set for copper matches the US levy on steel and aluminium products, after Trump raised it last month.

Trump's plans for copper come as the White House is also preparing to start raising tariffs on goods from countries around the world from 1 August.

Trump has already imposed a 10% tariff on most products, but called off his more aggressive plans to allow for trade talks after financial markets recoiled at steeper tariffs and business groups in the US pleaded for reprieve.

Trump sent letters to leaders of 14 countries on Monday, including South Korea and Japan, warning them of plans to institute new levies ranging from 25% to 40%.

Many trading partners are still hoping to strike deals before 1 August.

Trump on Tuesday said talks were going well with the European Union and he was "probably two days off" from sending a letter unveiling a new tariff rate.

In his remarks Trump also said he planned to move forward with tariffs of up to 200% on pharmaceuticals, but said he would give the industry at least a year to adjust.