US President Donald Trump confirmed in a Newsmax interview on Wednesday that he intends to impose copper import tariffs “within weeks,” according to Bloomberg reports.
Key Remarks from President Trump
Trump stated that there would be few exceptions to the tariffs set to take effect on April 2. He emphasized a “reciprocal” approach, though added, “I’ll likely be more lenient than reciprocal.”
Market Reaction
The announcement sent COMEX copper prices soaring to an all-time high of $5.37. Meanwhile, the Australian Dollar (AUD), often linked to commodity prices, struggled against the US Dollar (USD), with AUD/USD hovering near the 0.6300 mark at the time of writing.