On the evening of August 3, the tariff Commission of the State Council issued a notice deciding to impose tariffs on some imports (the second batch) originating in the United States, saying that On July 11, 2018, the US government announced measures to impose a 10 per cent tariff on about $200 billion in imports from China. On August 2nd the US Trade Representative said it intended to raise the additional tax rate from 10 per cent to 25 per cent. The US side has deviated from the consensus reached by the two sides on many occasions, unilaterally escalated trade frictions, seriously violated the rules of the World Trade Organization, destroyed the global industrial chain and the free trade system, and substantially damaged the interests of our country and people. It will also have a negative impact on the development of the world economy, including the United States. In response to the above-mentioned measures taken by the US side, the Chinese side was forced to take countermeasures. In accordance with the Foreign Trade Law of the people's Republic of China, the regulations of the people's Republic of China on Import and Export tariffs and other laws and regulations and the basic principles of international law, The tariff Committee of the State Council has decided to impose tariffs on imports of 5207 tariff lines originating in the United States. The measure involves about $60 billion in import trade from the United States. As soon as the news came out, it was also a stone that stirred up thousands of waves. how did the large copper companies in the United States react to this?.
The Capstone Mining: contract protects it from Chinese tariffs.
Capstone Mining said China's plan to impose tariffs on US metal products, including copper, would not affect the company because its contract stipulated that tariffs would be paid by buyers. "US-produced copper is shipped to other countries, its trade patterns are adjusting and non-US producers will account for an increasing share of Chinese copper imports," the company said.
Free Port: China's tariffs will not have a substantial Direct impact
China's plan to impose a 25 per cent tariff on US copper concentrate and cathode products has no "substantial direct impact" on Freeport. The company said by email that its main export markets were Indonesia and Peru. Concentrate produced by Freeport in the United States will be sent to smelters in Miami, Arizona and Spain.
Bloomberg: China's plan to impose tariffs on metals in the United States will not have a significant impact on prices
China plans to impose tariffs on US exports of metals, including copper, which poses little threat to US producers or global metal prices, although it could be a headache for traders. Us copper, copper concentrate and cathode copper will be subject to a 25 per cent tariff from China, while US nickel and zinc, as well as some precious metals, lithium carbonate and steel products, will also be on the tariff list released by China on Friday.
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