(BFM Stock Exchange) – The copper -long contract plunged 20.5% on Wednesday in New York on Wednesday. The United States has decided to exclude raw metal imports from 50%customs surcharge.

Copper courses unscrew. The red metal dropped more than 20% on the New York metal scholarship on Wednesday, after the White House announced customs duties on red metal that is less important than anticipated.

At the New York Comex, red metal plunged 20.5%, ending the book at $ 4.44.

On its site, the White House clarified that 50% surcharges would only apply to products made with copper, but not to imports of raw metal.

“The proclamation imposes universal customs duties of 50% on imports of semi-finished copper products (…) and derivative products with a high copper content (…), from August 1”, details the White House in a press release.

On the other hand, the surcharge will not be imposed on the raw material itself.

No cumulative with the surcharges on the automobile

In addition, customs duties on the automobile and those on copper will not add up.

“If a product is subject to customs taxes” on the automobile, “it is the latter that apply, and not customs duties” on copper, explains the White House.

These clarifications reassure American buyers, who had eaten at the beginning of the month to constitute stocks after the American president Donald Trump said considering a surcharge of 50% on the red metal, without specifying the contours.

Copper had then crossed a new record in New York at more than $ 5.80 per book.

The White House justifies these customs duties by citing national security concerns.

It is also based on a law dating from the Cold War, the Defense Production Act, to ensure that part of the American production of copper cannot be exported, in order to support the national industry.

(With AFP)