This morning in metals news, Canada is searching for its response to the expiration of its exemption from the U.S.’s steel and aluminum tariffs; President Trump’s top economic adviser said Canadian President Justin Trudeau is “overreacting” to the news; and copper rises as negotiations begin at BHP’s Escondida mine in Chile.
Canada Considers Options to Aid Domestic Industry
On the heels of the expiration of Canada’s temporary exemption from the U.S.’s steel and aluminum tariffs, the country is considering ways to lessen the blow for its domestic industry.
According to a Reuters report, Canada is considering aid for its domestic steel and aluminum industry, similar to what it offered its softwood lumber industry on the heels of a U.S. tariff on that product last year.
Kudlow: Trudeau Is ‘Overreacting’
Larry Kudlow, Trump’s top economic adviser, said Canadian President Justin Trudeau was “overreacting” on the heels of the tariffs expiration, according to a Washington Post report.
“These tariffs may go on for a while or they may not,” Kudlow was quoted as saying.
Copper Price Rises
Labor negotiations at the world’s largest copper mine and a weakening dollar contributed to a rise in the copper price, Reuters reported.
According to the report, the price rose to its highest level since May 23.