Donald Trump's copper, aluminium tariffs may raise costs for US consumers
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In a speech to Republican lawmakers on Monday, Trump said he would impose the tariffs on aluminium and copper — metals that are needed to produce U.S. 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.
Trump won the U.S. presidency in November vowing to lower costs for consumers still smarting from an inflation surge in the first half of his predecessor Joe Biden's term. However, analysts argue his plan for tariffs on imports to bolster the country's manufacturing sector, another of his promises, may undercut his price cutting pledge.
It was not clear how broadly the tariffs could be applied, but several mining CEOs have previously said they are preparing for different scenarios as markets brace for a potential change to trade flows.
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