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Another day, another round of Trump tariffs: US President Donald Trump is launching a probe that could result in a fresh new round of tariffs on copper imports in a bid to curb alleged moves by China to dominate the global copper market, Reuters reports. The investigation would look into imports of all things copper, including raw mined copper, copper concentrates, copper alloy, scrap copper, and unspecified copper derivative products. No timeline was given for when the investigation will start and conclude, the Financial Times reports.
In simple numbers: The US imports 45% of the copper it consumes, with Chile, Canada, and Mexico being its biggest suppliers of refined copper, copper alloys, and copper articles in 2024.
ICYMI: Trump ordered a 25% tariff on all imports of steel and aluminum earlier this month, with the new measures set to take effect on 4 March. The tariffs will particularly impact key US metal suppliers in Canada, Mexico, Brazil, Japan, the EU, South Korea, Vietnam, and Taiwan. Trump is also considering a new wave of tariffs that will see the country hit auto, semiconductors, and pharma imports with 25% duties.
US East and Gulf Coast dockworkers seal contract agreement: Unions representing more than 45k US dockworkers have approved a six-year contract agreement that will hike their pay and avoid any potential disruptions until 2030, Reuters reports. The International Longshoremen Association (ILA) and the United States Marine Alliance (USMX) will officially sign the agreement on 11 March.
Details: The new contract will take effect retroactively from 1 October 2024 to 30 September 2030, costing employers USD 35 bn by increasing the hourly base rate for workers to USD 63 from the previous rate of USD 39. It also improved healthcare and retirement plans while safeguarding workers from threats of automation.
REFRESHER- US East Coast and Gulf of Mexico port workers began a strike that halted the movement of half of the US’s shipping traffic in October 2024. The ILA and the USMX resumed negotiations with employers in January 2025 after a threat of another strike led shippers to bypass the coasts. The strike in October impacted USD bns in trade and reportedly contributed to inflationary pressures in the US.
