Volkswacht Bodensee - Copper giant Chile awaits 'official' news on US tariff raise

The South American country is responsible for nearly a quarter of global copper supply, which contributes 10 to 15 percent to its GDP.

"The government reacts to these matters with caution, as is appropriate in diplomacy," President Gabriel Boric told reporters Wednesday.

He said he was awaiting "official communication from the United States government regarding the policy" on copper duties, after which "we will be able to respond with the institutional strength that characterizes Chile."

Trump on Tuesday told a cabinet meeting: "I believe the tariff on copper, we're going to make it 50 percent."

He did not set a deadline but Commerce Secretary Howard Lutnick said the rate will likely take effect by the end of July or on August 1.

China is the leading buyer of Chilean copper.

In 2023, it accounted for 56 percent of exports, followed by the United States with 11 percent and Japan with 8.5 percent, according to the Chilean Copper Commission.

State-owned copper giant Codelco, the world's single biggest producer of the metal used in wiring, motors and renewable energy generation, also noted there had been no formal communication on the US tariffs.

There is no "executive order from the United States," said Maximo Pacheco, board chairman of Codelco, which produces between eight and 10 percent of the world's copper.

Trump's announcement sent the price of copper to a record high Tuesday.

T.Egger--VB