BlockBeats reported on Sept. 10, citing Reuters, that the White House has not yet decided whether to impose tariffs on refined copper, according to two people familiar with the matter.
Officials are weighing the possibility that higher copper prices could lift manufacturing costs against the potential benefit of encouraging domestic mining, the report said.
The hesitation comes as the administration is paying closer attention to affordability ahead of the November midterm elections. Trump and Republican lawmakers are facing pressure to show that their economic policies are reducing, rather than increasing, costs for U.S. consumers and businesses.
Because markets had expected Trump to place tariffs on refined copper products such as cathode copper, as well as copper concentrate produced at mines, copper prices have climbed to record highs. Traders and industrial buyers have also been building inventories in the United States to stockpile material before any new tariffs take effect, creating one of the world’s largest copper stockpiles.
A White House official said the administration has not made a final decision on the tariffs and confirmed that the Commerce Department submitted an update to Trump before the June 30 deadline set by the White House.
The official said, 「The government continues to evaluate all options to bring copper and other critical manufacturing back to the United States.」
Reuters said those comments indicate the tariffs are not a done deal, even though the market has been expecting the United States to expand existing tariffs to refined copper.