Freeport CEO Says Tariffs Threaten to Hinder US Copper Mining

From Bloomberg

The threat of US levies on copper imports has been a boon for Freeport-McMoRan Inc., with North America’s top producer cashing in on selling the metal at a premium. Still, the firm’s top boss warns that broader tariffs could hurt an industry President Donald Trump is trying to help.

“If global growth is disrupted, that could lead to an impact on copper prices,” Chief Executive Officer Kathleen Quirk said in an interview at Freeport’s Phoenix headquarters. “Ironically, if we’re trying to build up the US copper industry, slowing GDP growth and inflation could put a lot of pressure on mines here.”

A year into her CEO tenure, Quirk has found herself navigating a period of upheaval in the US copper industry. Trump has threatened to put tariffs on copper as he pushes to revive the domestic industry.

In late February the president directed the Commerce Secretary to open an investigation into foreign copper imports under Section 232 of the Trade Expansion act and submit a report within 270 days. The act gives the president broad authority to impose restrictions on national security grounds.