copper, Trump and tariff
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Freeport-McMoRan could see a $1.6-billion boost to annual profit if President Donald Trump's copper tariff materializes, a benefit driven by the firm's role as the largest U.S. producer with more expansion options than rivals.
Copper futures dropped over 2% to $5.46 per pound on Friday, despite being poised for a weekly gain of around 10% with analysts at BMI pointing to sudden shifts in U.S. trade policy.
Prices of copper in the US have surged since January, when President Donald Trump threatened to impose a tariff on imports of the metal that’s a vital component in power networks, plumbing and industrial machinery.
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Manufacturers and construction companies — as well as consumers — would face higher prices if the U.S. jacks up tariffs on copper, analysts said.
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Craig Hutchison, TD Cowen base metals equity research analyst, joins 'Squawk Box' to discuss which stocks can benefit from Section 232 tariffs, the broader goal of tariffs on copper and much more.
Copper futures rose dramatically following President Trump's plan for a 50% import tariff, pushing domestic prices to a 25% premium over global markets amid growing demand.
President Donald Trump announced on Wednesday night that the United States will impose a 50 percent tariff on copper, effective August 1. Trump wrote on Truth Social that he came to the decision after a "robust NATIONAL SECURITY ASSESSMENT."
What Happened in Markets Today Copper prices—and mining stocks—rose after Trump confirmed a 50% tariff on the metal will take effect Aug. 1. Prices for the [metal hit record highs](
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Michael Widmer, BoA Securities head of metals research, joins 'Money Movers' to discuss the market moves in the metal commodities space.