Report coming in:
- Citi expects official confirmation of a 50% rate by US on copper in weeks
- Citi expects implementation within 30 days
Earlier:
From that post:
- US needs imported copper and will need much more in order to build out the needed investments in the grid, broader infrastructure and electrification.
- I’m not sure how making it more expensive to import raw materials needed for those factories makes the US more competitive.
- There is certainly a need to incentivize the supply of mines in the US and elsewhere but a changeable tariff policy hardly achieves this. In any case, it takes many years — often decades — to build a copper mine so this will do nothing but drive up costs for the foreseeable future.
Its just lucky that I didn’t write that post. I woulda said something like ‘how stupid is this???’ Off to the naughty corner for me!
This article was written by Eamonn Sheridan at www.forexlive.com.