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Investing.com-- The U.S. could impose tariffs on copper imports within weeks, significantly ahead of the 270-day deadline set for a decision, Bloomberg reported on Tuesday, citing sources familiar with the matter.
President Donald Trump directed the Commerce Department in February to investigate potential copper tariffs and provide a report within 270 days, however, the review was moving swiftly, with a decision likely soon, the report stated.
Trump had previously signaled his intent to impose duties, making the investigation appear more of a formality, Bloomberg reported.
The administration has not disclosed a specific timeline, but officials expect a resolution well before the deadline, according to the report.
If enacted, the tariffs—potentially as high as 25%—could disrupt global copper markets.
Prices have already surged, with the gap between New York and London copper prices reaching a record $1,400 per ton this week, according to Bloomberg’s report.