Plans for a 50% tariff on copper imports have been embraced by a prominent mining entrepreneur from North America who hopes to establish his copper mine in the United States. The wealthy founder of Ivanhoe Mines and Ivanhoe Electric, both located in Vancouver, Robert Friedland, told the BBC that the tariffs will aid in the recovery of the copper mining sector in the United States.
US President Donald Trump has already imposed tariffs on steel and aluminum, and on August 1st, a 50% copper tariff is scheduled to take effect.
Mr. Friedland stated that the president’s strategy was to bolster national security by establishing significant industries domestically. However, critics have claimed that tariffs are inflationary and will raise costs for American consumers. In particular, green technology and the contemporary world economy depend on copper. It is utilized in everything from data centers and electric cars to buildings and power infrastructures.
The current administration in the United States is correctly devoted to making sure that the world’s largest economy has secure access to raw materials at the scale of that economy, instead of reliance on far-flung and potentially volatile jurisdictions,” he said. About half of the copper consumed in the US last year came from imports. Mexico, Chile, and Canada were the primary sources, and they have criticized the decision.
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