'Golden age': Donald Trump announces 50% tariffs on copper from August 1; cites national security concerns

US President Donald Trump announced that he will impose a 50% tariff on copper imports starting August 1 promising it will help America build a strong copper industry again and enter a “golden age.”In his truth social post, Trump said, "I am announcing a 50% TARIFF on Copper, effective August 1, 2025, after receiving a robust NATIONAL SECURITY ASSESSMENT."Then, pointing to significance of copper he added, "Copper is necessary for Semiconductors, Aircraft, Ships, Ammunition, Data Centers, Lithium-ion Batteries, Radar Systems, Missile Defense Systems, and even, Hypersonic Weapons, of which we are building many. Copper is the second most used material by the Department of Defense! Why did our foolish (and SLEEPY!) “Leaders” decimate this important Industry?"Trump blamed past American leaders for weakening the country’s copper industry, calling them “foolish” and “sleepy.” He said the new tariff would fix what he called the former US President Joe Biden administration’s “stupidity” and help America build a strong copper industry again.“This 50% tariff will reverse the Biden Administration’s thoughtless behaviour and stupidity.” Trump wrote. He promised the move would make America a dominant copper producer once again and it is necessary to protect national security.Tariff seen as key revenue source for US government: Trump’s plan to impose a 50% tariff on copper is part of a broader strategy to increase government revenue through tariffs. According to AFP report, Trump told a cabinet meeting on Tuesday: “Today we’re doing copper. I believe the tariff on copper, we’re going to make it 50 percent.”The move adds to existing tariffs the US has placed on imports of steel, aluminum and vehicles. Treasury Secretary Scott Bessent said the administration has already collected about $100 billion in tariff revenue so far, with hopes of reaching $300 billion by December.Earlier, Commerce Secretary Howard Lutnick told CNBC that the new copper tariff would likely be implemented in late July or on August 1.