Hardware Retailing The Industry's Source for Insights and Information
Reciprocal tariffs have been placed on a 90-day pause that was originally scheduled to end on July 9. The tariffs will now begin on August 1, giving negotiators additional time to reach agreements.
During a cabinet meeting, President Donald Trump announced a new 50% tariff on copper as part of his administration’s efforts to target specific manufacturing sectors. The copper tariff aligns with similar rates enacted on steel and aluminum in June.
The U.S. imports nearly half of its copper supply, with the majority sourced from Chile. Copper is primarily used in electronics manufacturing and housing construction applications.
Trump also began sending letters to several nations, including South Korea and Japan, warning that their tariff rates will be raised unless agreements can be reached before the August 1 deadline. If deals cannot be reached with these countries, a 25% tariff will be imposed on all goods.
These new proposed tariffs could impact the independent home improvement industry as many major appliances and electronic products found in homes, such as refrigerators, are manufactured in South Korea. Japan serves as a key exporter of construction machinery, including bulldozers, excavators, backhoes and graders.
