President Donald Trump has announced he will extend the 90-day pause on reciprocal tariffs that was due to end on July 9 until August 1 and is imposing a 50 percent tariff on copper.
During a Cabinet meeting on July 8, Trump announced a new tariff on copper as part of his efforts to drill down on specific sectors. The 50 percent tariff is in line with the rates enacted on steel and aluminum in June. The U.S. imports nearly half of its copper — the majority of which is sourced from Chile. This will impact the groundwater industry as it’s an essential material used in a variety of applications.
At the same time, the president also began sending letters to several nations saying their tariff rates will be raised unless an agreement can be reached. Specifically, Trump sent letters to South Korea and Japan warning that he would raise tariffs on each country’s goods to 25 percent unless they can reach a deal by August 1.