Ankara: US President Donald Trump's announcement about 50% tariffs on copper imports led prices to new records, climbing to $5.81 per pound on global markets.

According to Anadolu Agency, the Trump government started sending letters to countries supposedly unable to reach an agreement with Washington, including Japan and South Korea, which will face 25% tariffs starting Aug. 1. These tariffs will apply in addition to sectoral tariffs, and goods transited through these countries will face higher tariffs. The 25% rate could rise further if these nations retaliate or depending on their relations with the US.

White House spokeswoman Karoline Leavitt stated that 12 more countries would receive letters in the coming days, extending the tariff pause. Malaysia, Kazakhstan, and Tunisia are set to be hit with 25% tariffs; South Africa and Bosnia with 30%; Indonesia with 32%; Bangladesh and Serbia with 35%; Cambodia and Thailand with 36%; and Laos and Myanmar will face 40% tariffs, according to the letters.

Following these developments, Trump confirmed the imposition of 50% tariffs on copper, which pushed prices up 10% compared to the end of June and 40% compared to the end of last year. Heightening global supply concerns and China's demand have also contributed to this price rise.

Copper miner Teck Resources reported production disruptions at two operations in Chile, and falling stocks pushed prices up on the London Metal Exchange. Additionally, the Kamo-Kakula copper mine in the Democratic Republic of Congo suffered seismic activity, resulting in the flooding of the underground section of the mine.

Zafer Ergezen, a futures and commodities expert, told Anadolu that the tariff announcements will significantly increase the cost of copper imports from the US' main suppliers, such as Chile, Peru, and Canada, with a decline in supply coming to the fore. Ergezen noted that US copper producers and miners will gain a competitive edge, and copper costs in the US may suppress some demand, as Trump aims to reduce imports.

Ergezen further explained that China, as one of the world's largest copper importers, might benefit from these rising costs in the US. Copper from Chile, Peru, and Canada, initially intended for the US, could be redirected to China. He emphasized that it's challenging for these tariffs to remain long-term because the measures taken may ultimately benefit China.