Trump Spares Copper Market From Worst With 50% Product Duty (1)

President Donald Trump imposed a 50% tariff on all semi-finished copper products coming into the US, but stopped short of applying the duty to imported refined copper, sparing domestic industries from potential higher costs.

Prices of the metal fell as much as 20%, after Trump on Wednesday issued a proclamation setting fresh copper duties, the biggest intraday drop since at least 1988. That signaled the global market dramatically readjusted its prior expectations on the scope of Trump’s plan.

The new rates become effective Aug. 1, according to a White House fact sheet. Much of the US market had anticipated ...