The President yesterday sent the markets another surprise tariff related curveball.
Trump also ordered a study to determine whether levies should be placed on imports of copper. This is a measure he believes will assist in reviving the domestic metal industry.
In his executive order of Tuesday, Trump stated that copper is an important material in electric vehicles, for military infrastructure, and consumer electronics.
Copper exports dominated by foreign countries “coupled with global overcapacity and a single producer’s control of world supply chains, poses a direct threat to United States national security and economic stability,” Order read
This move has once again helped to push investors away from risk, stabilizing gold and increasing interest in safe-haven assets. Today, copper futures on the Comex gained as much as 5%.
Trump used Section 232 from the Trade Expansion Act to issue the order, which is the same law he applied in 2017 when imposing 25% tariffs against aluminum and steel imports.
Bloomberg reports that Trump gave different dates this afternoon for tariffs to be imposed on Canada and Mexico. Initially, he said they would begin March 4 but later changed it to April 2 according a Bloomberg report.
As I’ve said before, this market is just waiting for the other tariff shoe to drop — and the changing timeline isn’t helping calm the waters in the meantime.
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