Copper giant Chile is'monitoring" US probe on potential metals tariffs
The Chilean Foreign Ministry said that on Wednesday it was "monitoring' a U.S. investigation looking at potential new tariffs for copper imports, a critical metal used in electric vehicles, military equipment, the power grid, and many consumer products.
In a brief response, the ministry stated that it would monitor the situation after U.S. president Donald Trump ordered the investigation in an effort to stop what his advisors perceive as a Chinese move to dominate the world copper market.
Chile, which runs along the Andean west-coast of South America's mountains, is the largest copper producer in the world and the leading supplier of red metal to the United States. The majority of Chile's red metal is exported to China.
Trump signed an order on Tuesday to begin a national-security probe under Section 223 of the 1962 Trade Expansion Act. This is the same law Trump invoked in his first term, to impose global tariffs of 25% on steel and aluminium.
The U.S. has issued a series of import tax orders that have increased tariffs on metals, including motor vehicles. This is the latest in a long line of such orders.
BHP, Glencore, and Anglo American, along with the state-owned Codelco, are the three major international mining companies operating in Chile.
Chilean copper production increased by 12% in the last year
The price of the metric ton rose by 4.9%
The 5.5 million tons mark has been reached.
(source: Reuters)
