Trump/Cook, Nissan weakness, more tariffs and gold - what’s moving markets
Investing.com -- Freeport-McMoRan Inc (NYSE:FCX) stock fell as much as 7% on Tuesday after President Donald Trump signed a proclamation imposing significant tariffs on copper imports, citing national security concerns.
The mining giant’s shares dropped alongside copper prices following the announcement of a 50% tariff on semi-finished copper products and copper-intensive derivative products, set to take effect on August 1. The tariffs will apply to items such as copper pipes, wires, rods, sheets, tubes, pipe fittings, cables, connectors, and electrical components.
The proclamation follows the completion of a Section 232 investigation under the Trade Expansion Act of 1962, which was initiated through Executive Order 14220 in February 2025. The investigation determined that copper is essential to U.S. national and economic security as the Department of Defense’s second-most used material.
In addition to the tariffs, the President directed the Secretary of Commerce to establish measures under the Defense Production Act to support the domestic copper industry. These include requiring 25% of high-quality copper scrap produced in the U.S. to be sold domestically, with similar requirements for copper input materials starting at 25% in 2027 and increasing to 40% by 2029.
The proclamation excludes copper input materials such as copper ores, concentrates, mattes, cathodes, and anodes, as well as copper scrap from the tariffs. The administration stated that these actions aim to level the playing field for U.S. copper businesses and strengthen the domestic copper industry.
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