This morning in metals, members of the House are asking the Trump administration to allow tariff exclusions (related to the latest round of tariffs levied against China), Chile’s state copper miner has plans to extend the life of one of its copper deposits and BHP reported a sharp year-over-year increase in iron ore production.
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House Representatives Ask for Tariff Exclusion Leeway
A group of 169 members of the House have signed a letter addressed to U.S. Trade Representative Robert Lighthizer, CNBC reported, in which they ask the Trump administration to allow for tariff exclusions with respect to the latest round of tariffs imposed on Chinese goods.
MetalMiner’s Take: Midterm elections will provide the first clue as to whether or not Congress will have the ability to weigh in on the impact of tariffs.
Unlike the Section 232 tariffs and the 301 tariffs, the latest round of tariffs does not include a formal exclusion process. A bipartisan group of Congressional representatives has now urged U.S. Trade Representative Lighthizer to allow for exclusions.
Still, any potential benefit to buying organizations in the form of an exclusion appears, at least for the short term, to have limited scope and impact.
Codelco Submits Environmental Assessment of Salvador Deposit
According to a Reuters report, state-owned Chilean miner Codelco has submitted an environmental assessment related to plans to overhaul its Salvador copper deposit.
Per the plans, the move would extend the life of the deposit by 40 years, according to the report.
BHP Iron Ore Production Rises
BHP’s Q1 iron ore production rose 8% year over year, the miner said Wednesday according to a Reuters report.
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Brazilian miner Vale also recently reported a significant uptick in iron ore production. (MetalMiner’s Stuart Burns wrote on the subject of iron ore and its defiance of current market trends.)