US Imposes 50% Tariff on Copper, Urgent Impact Review Meeting Held by Copper Industry

[Financial News] After President Donald Trump signed a proclamation imposing tariffs under the 'Trade Expansion Act Section 232' on imported copper, the Ministry of Trade, Industry and Energy held an urgent impact review meeting with the copper export industry on the 1st.
 The industry emphasized that due to the US's 50% tariff imposition, copper products such as copper wire, copper rod, copper pipe, and copper foil have diverse categories and different tariff impacts per item, making uniform responses difficult. They requested customized support and cooperation from the government to minimize domestic industry damage.
 Na Seong-hwa, Director of Industrial Supply Chain Policy, explained government support measures to maintain the competitiveness of copper companies, including submitting a government opinion letter to the US after collecting opinions from the copper industry following the US's administrative order on copper, and designating copper companies as leading players for supply chain stabilization.
 Additionally, Director Na stated, "After the US's 50% tariff imposition, a decrease in export volume to the US is inevitable, but we will actively respond to minimize the impact on our industry through export diversification of copper items and support for domestic production."
 The Ministry of Industry plans to closely monitor the implementation trends of US tariffs and actively respond to minimize damage to our industry. Furthermore, they plan to designate the Non-Ferrous Metals Association as an integrated channel and periodically check the impact by item to devise additional support measures.

aber@fnnews.com Park Ji-young Reporter