US President Donald Trump signed an executive order on Tuesday directing the Commerce Department to probe potential tariffs on copper under Section 232 of the Trade Expansion Act.
Commerce Secretary Howard Lutnick confirmed in the White House that the investigation will examine raw copper, refined products, and derivatives, with no exemptions expected. "Tariffs can help build back our American copper industry, if necessary, and strengthen our national defense," Lutnick said in a statement given to reporters.
For his part, Trade Adviser Peter Navarro accused China of leveraging industrial overcapacity and dumping tactics to dominate the global copper market, similar to its approach with steel and aluminum.
Following the announcement, May copper futures rose 2.13% to $4.6665 per pound.
