US President Donald Trump ordered members of his administration to investigate China's alleged attempt to obtain control of world copper markets.
China's growing copper reserves have drawn the attention of President Donald Trump, who on Tuesday ordered an investigation into what administration officials say that Beijing's measure is to “obtain control of world copper markets.”
From the Oval office, Trump asked his new Secretary of Commerce, Howard Lutnick, to explain the situation.
Lutnick read what he said was a publication on the social networks that he planned to publish, saying: “Tariffs will help rebuild our American copper industry and strengthen our national defense. US industries depend on copper, and should be manufactured in the United States. Without exemptions, without exceptions. The United States first creates US jobs and protects our national security. home”.
Earlier that same day, Trump's main advisor for Commerce and Manufacturing explained the administration's concerns.
“China has long used the excess industrial capacity and dumping as an economic weapon to dominate global markets, systematically undervalue the competitors and taking out the rival industries of the business by massively subsidizing key industries, flooding international markets with goods below the cost and then consolidating the control once the competitors collapse,” said Peter Navarro in a call with journalists before the firm before the firm.
The term dumping is used to mention what is considered as a unfair commercial practice in which products are sold at artificially low prices in a foreign country.
“China has successfully expanded its economic influence on sectors ranging from steel and aluminum to solar panels and electric vehicles.”
The Trump order begins an investigation under the authority of the Commercial Expansion Law, which focuses on itself the importation of a certain article represents a threat to national security. The president can decide if he follows the recommendations of the report, which must be submitted in 270 days.
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The Chinese government published a report earlier this month in which it presented a plan to increase copper ore reserves between 5 % and 10 % by 2027.
Chinese government figures claim that in 2024, China headed the world in the production of refined copper and copper processed materials.
Navarro told journalists that the United States hopes to do more with the “non -exploited” coupriferous potential of the country and cited plans to increase US production by 70% and reduce external dependence on vital material for electrical equipment.