Chile hoping for exemption from new 50% US tariffs on copper imports

Global copper producers were shocked by US President Donald Trump's unexpected announcement to impose 50% tariffs on imports of the red metal. As reported by Reuters, the leading producer of this raw material—Chile—does not lose hope for exemption from the duties.

In an interview with Reuters, chairman of Chilean state-owned company Codelco Maximo Pacheco said the company wants to know the list of copper products subject to the tariffs and the list of targeted countries. As he emphasized, the red metal is sold in many types. Meanwhile, Trump's statement included only the general concept of “copper.” Pacheco also noted the likelihood of exemptions from the new tariffs, which are usually typical of many decisions of the American president.

Following the tariffs announcement, the cost of copper on the US COMEX jumped more than 12% to a record high.

Meanwhile, SONAMI President Jorge Riesco said there are risks of volatility and uncertainty in the copper market arising from the new tariffs. They threaten to harm Chile and other red metal supplying countries. In addition, he pointed out the limited ability of the US to increase its own production of the metal.