Heavy Metal Tariffs: Economics Meets Politics
The newly proposed 50% tariffs on copper, aluminium, and steel imports aren’t just about correcting trade imbalances—they’re deeply rooted in former President Donald Trump’s Make America Great Again (MAGA) ideology. These sweeping levies, set to take effect August 1, mirror Trump’s push to restore America’s industrial prowess and energize his working-class voter base.
According to David Stritch, a senior FX analyst at Caxton, these tariffs are “primarily a political motivation,” aimed at reclaiming control over industries once dominated by the U.S. but now largely outsourced to countries like Chile (for copper) and China (for aluminium and steel).
Trump’s Industrial Patriotism: A Longstanding Theme
Trump has consistently positioned steel and aluminium as pillars of national strength. Back in 2018, during his first term, he argued that these materials were essential for both economic resilience and national security.
“A strong steel and aluminium industry are vital to our national security. Absolutely vital,” he stated.
He went further, saying: