Trump Investigates China’s Growing Control Over Copper Markets
President Trump has initiated an investigation into China’s growing copper reserves, focusing on their potential impact on U.S. national security and the American copper industry. He directed Secretary of Commerce Howard Lutnick to consider tariffs to support domestic production. The investigation follows concerns regarding China’s economic maneuvers that may undermine global competitors. A report is expected within 270 days to inform future actions.
President Donald Trump has expressed concern over China’s expanding copper reserves and initiated an investigation into Beijing’s potential strategy to dominate the global copper markets. In a statement made during a meeting in the Oval Office, Trump directed Howard Lutnick, the newly appointed Secretary of Commerce, to provide clarity on the matter. Lutnick emphasized that the implementation of tariffs could help revitalize the American copper industry and enhance national security, stressing the importance of producing copper domestically to create American jobs.
Peter Navarro, senior counselor for trade and manufacturing, elaborated on the administration’s apprehensions regarding China’s economic tactics. He noted that China has historically utilized industrial overcapacity and dumping as strategies to gain an advantage in global markets. By significantly subsidizing key industries and flooding international markets with low-cost goods, China has successfully diminished competition and established its dominance across various sectors, including copper production, steel, aluminum, solar panels, and electric vehicles.
Trump’s directive initiates an investigation under the Trade Expansion Act, which assesses whether specific imports pose a threat to national security. This inquiry will determine the future direction of U.S. copper policy. The report resulting from this investigation is expected within the next 270 days, during which the President will have the authority to act based on the recommendations provided.
Recently, the Chinese government announced its intention to enhance copper ore reserves by 5% to 10% by the year 2027. According to official figures, China is projected to lead in the production of both refined copper and copper-processed materials in 2024. In response, Navarro indicated that the U.S. aims to tap into its substantial unexploited copper resources, with plans to increase domestic production by 70% and lessen dependency on external suppliers, highlighting copper’s vital role in electrical equipment production.
In summary, President Trump has launched an investigation into China’s copper production practices amid growing concerns over their impact on U.S. national security and industry. The administration aims to bolster American copper production and reduce reliance on foreign sources. This investigation will evaluate the implications of imports on national security and could lead to significant policy changes based on its findings.
Original Source: www.voanews.com
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