import tariffs

Copper is expected to post a monthly gain due to tightening global supply, driven by increased material flows to the US ahead of a Trump administration decision on import tariffs.

The Trump administration imposed double-digit tariffs on over 60 countries using Section 301 of the Trade Act of 1974, claiming they failed to enforce forced-labor import bans. Critics argue the tariffs replace expired temporary levies and bypass Congress, with limited evidence supporting the U.S. claims. The tariffs, set at 10% or 12.5%, face international backlash for being arbitrary.

Bolivia will reduce import tariffs by five percentage points across all tariff schedules starting July 6, 2023, under Supreme Decree 5646, which remains in effect until the end of 2027. The government stated this measure aims to protect consumers amid challenges posed by a weaker currency.

India's increased gold import tariffs to 15% have led to a surge in smuggling, with estimates exceeding 100 tonnes annually as grey market margins allow smugglers to undercut banks and refiners. Industry officials and bullion dealers report this resurgence, highlighting India's position as the world's second-largest gold market.

Ministers are considering suspending a carbon tax on fertilisers, set to begin early next year, as part of a package to reduce food inflation. Measures also include pausing import tariffs on foods like bread, biscuits, and bananas.

India's gold-based lenders are experiencing a business boost due to higher import tariffs on gold. The tariffs have likely reduced gold imports, increasing demand for domestic gold and gold loans.