Trump Orders Probe into Copper Tariffs, Increasing Market Volatility

President Trump initiated a probe into imposing tariffs on copper imports, aiming to boost domestic metal production. Key points include:

• Copper is essential for electric vehicles, military infrastructure, and consumer electronics.
• The executive order cites foreign control over copper exports as a threat to U.S. national security and economic stability.
• This decision shifted investor sentiment towards safe-haven assets, stabilizing gold prices and increasing copper futures by up to 5% on Comex.
• The order utilizes Section 232 of the Trade Expansion Act, similar to past tariffs on aluminum and steel.
• Trump provided conflicting start dates for tariffs against Canada and Mexico, initially stating March 4 and later April 2.