The punitive rate of 50 percent on the import of copper announced by US President Donald Trump will take effect on 1 August.
Trump announced the customs on Tuesday. The price for buyer in the US had then risen. It was recently about a quarter above the London Stock Exchange that was important for the world market.
About half of the copper consumed in the US is imported, with the majority of Chile dating, Reuters said. The other half has been demolished and processed in Germany, with a considerable part of Arizona.
Are rates for medication?
Trump also threatened to import medication with rates of 200 percent. However, he would give manufacturers for about a year “to regulate their affairs,” he said. When customs had to be put into operation on copper, copper was initially unclear.
The new taxes are located in existing rates for steel, aluminum and car input. It was only Monday that Trump increased the pressure on 14 trading partners with country -specific rates, which should apply from 1 August. According to Trump, a corresponding customs letter to the EU could follow the next two days.
“Witch Hunt” on Bolsonaro
Trump has also announced rates of 50 percent against Brazil. He justified this on Wednesday in a letter with the procedure of the Brazilian judiciary against former President Jair Bolsonaro and with the alleged “censorship” of our online platforms in the country. Brazil immediately announced that he wanted to respond with countermeasures. The Brazilian food industry expects American consumers to feel the rates.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
