US EditionImpact of Tariffs Not Temporary, World Will Not Go Back to Status Quo: SM Lee
UNITED STATES, JUL 15 – The 50% tariff aims to reduce U.S. reliance on foreign copper and support domestic mining amid forecasts of a 6-8 million tonne global copper supply deficit by 2030.
- On July 15, Senior Minister Lee Hsien Loong said the world will not return to the trade status quo before US tariffs introduced by President Trump.
- This follows Trump's August 1, 2025 announcement of a 50% tariff on copper, backed by a national security assessment to boost domestic supply chains.
- The tariff affects about $6-7 billion in annual US refined copper imports and has caused companies to delay orders and raise prices amid market uncertainty.
- Lee warned that economic laws are hard to override, tariffs become politically entrenched, and the best current framework is a global trade system 'temporarily minus one.'
- He urged countries to form regional or broader trade pacts and suggested direct cash aid rather than complex measures, noting ongoing adaptation to shifting trade dynamics.
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Trump's tariffs have sparked a copper craze. Is it good news for Australia?
Australia is one of the world's biggest copper producers. How will Trump's proposed tariff on the commodity affect us? The post Trump’s tariffs have sparked a copper craze. Is it good news for Australia? appeared first on Crikey.
·Australia
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According to one economist, the impacts could be significant in Quebec.
·Montreal, Canada
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Coverage Details
Total News Sources15
Leaning Left3Leaning Right2Center2Last UpdatedBias Distribution43% Left
Bias Distribution
- 43% of the sources lean Left
43% Left
L 43%
C 29%
R 29%
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