President Donald Trump announced on Wednesday that a 50 per cent tariff on US imports of copper, a key metal for green energy and other technologies, will take effect on August 1.
“I am announcing a 50% TARIFF on Copper, effective August 1, 2025, after receiving a robust NATIONAL SECURITY ASSESSMENT,” Trump posted on his Truth Social platform, likely alluding to a Department of Commerce investigation launched earlier this year.
On Wednesday, Trump also addressed letters to leaders of the Philippines, Sri Lanka, Brunei, Algeria, Libya, Iraq, and Moldova, spelling out duties ranging from 20 per cent to 30 per cent that would also take effect on August 1.
Similar to a first batch of documents published Monday, the levels were not too far from those originally threatened in April, although some partners received notably lower rates this time.
While Trump in April imposed a 10-per-cent levy on almost all trading partners, he unveiled — and then withheld — higher rates for dozens of economies.
The deadline for those steeper levels to take effect was meant to be Wednesday, before Trump postponed it further to August 1.
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Countries that faced the threats of elevated duties began receiving letters spelling out US tariff rates on their products.
In the messages, Trump justified his tariffs as a response to trade ties that he says are “far from Reciprocal”.
The letters urged countries to manufacture products in the United States to avoid duties, while threatening further escalation if leaders retaliated.
Other countries that have received Trump’s letters include key US allies Japan and South Korea, as well as Indonesia, Bangladesh, and Thailand.
Analysts have noted that Asian countries have been a key target so far.
But all eyes are on the state of negotiations with major partners who have yet to receive such letters, including the European Union.
European stock markets rose at the start of trading on Thursday, with London hitting a fresh record high on optimism that governments will strike deals to avoid the worst of US tariffs.
The Trump administration is under pressure to unveil more trade pacts.
So far, Washington has only reached agreements with Britain and Vietnam, alongside a deal to temporarily lower tit-for-tat levies with China.
Trump said on Tuesday his government was “probably two days off” from sending the EU a letter with an updated tariff rate.
An EU spokesperson said Wednesday the bloc wanted to strike a deal with the United States “in the coming days,” and has shown readiness to reach an agreement in principle.
AFP
