Summary
US mining billionaire Robert Friedland supports new 50% tariffs on copper imports to the US. He believes these tariffs will help revive the US copper mining industry and improve national security. The tariffs are set to begin on August 1, and they follow similar measures on steel and aluminum.
Key Facts
- Robert Friedland is the founder of Ivanhoe Mines and Ivanhoe Electric.
- The US plans to impose a 50% tariff on copper imports starting August 1.
- The US imported about half of its copper last year, mainly from Mexico, Chile, and Canada.
- President Trump says the tariffs will help revive the US copper industry.
- Copper is used in many modern technologies, including electric vehicles and data centers.
- Global copper demand is expected to outstrip supply by 2035, according to the International Energy Agency.
- Higher copper prices could increase costs in industries like construction and manufacturing.
- The Santa Cruz project in Arizona aims to be the first new US copper mine in over a decade, starting production in 2028.
