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Investing.com - Chile’s copper industry faces potential disruption as the United States may announce additional tariffs on Chilean goods this week, following last week’s announcement of a 50% tariff on copper imports effective August 1.
The previously announced copper tariff caught Chile by surprise despite some market expectations of trade restrictions. As the world’s largest copper producer, Chile exports approximately USD 6 billion in copper to the United States annually, representing about 12% of its total copper exports of USD 50 billion.
Chilean authorities may have incentives to negotiate with the US given the significance of the trade relationship. According to some estimates, Chile accounts for approximately 70% of all copper shipped to the United States.
The US is reportedly considering announcing a new round of tariffs of approximately 10% on all goods imported from Chile. This potential escalation raises questions about the status of the free trade agreement between the two countries.
This week features limited economic data releases, but trade tensions between the United States and Chile are expected to dominate market attention as both countries assess their positions.
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