Lack of copper, reliance on imports more critical to US than "rare earth" metals
npr.org
npr.org
Don't have enough copper? "Tariff man" has the solution --- raise prices even more. That'll fix it ---NOT! It's like watching a train wreck in slow motion.
Simple minded solutions for simple minded people --- that are all but certain to fail after inflicting a lot of damage.
The first order effect of tariffs is that imports get more expensive.
The second-order effect is supposed to be a subsidy/stimulus to domestic production but I don't know enough about US copper reserves to say whether 25% would move the needle or not?
Probably the third order effects are for people to figure out how to bust the tariffs by "smuggling" resources through "friendly" (less tariffed) supply chains (I imagine people will make fortunes doing this). Also incentivising companies to come up with ways to use less copper.
His "just shout something" style absolutely does not work for the complexity of international trade and tariffs. People will work around them. Customs rules are super complex, you can't change the rules on a few days notice and not cause all kinds of loopholes and unwanted side effects.
Who benefits from this anytime soon? Not the consumer. And in the US economy, squeezing the consumer hurts the overall economy.
Tariffs didn't work very well in the 19 century and only a fool would think they are economic magic for the 21st century.
Pennies from 1982 onward are mostly zinc, and I suspect not worth reclaiming. But we have to talk about how to separate these. Let's claim that, in a great coordinated effort of patriotism, the American people squint and sort their pennies. Maybe taking them to the nearest post office for a spot credit of 2 cents. Some inventive people with access to buckets of 'em might automate a sensitive scale and flicker, or contract for inexpensive or captive labor. A roll of 100 pennies weighs 311g if copper-based, 250g if zinc-based. To nudge hoarders to participate, Trump promotes a limited-time stamp with his image in the style of Ea-nāṣir.
88,500 metric tons is about a month of USA copper imports. So, the hardworking miners of Arizona get a month to retool.
Resolution Copper counts to some as part of the USofA national stockpile of copper, albeit as yet unmined, contested for environmental and native title reasons, and with mineral leases held by a transnational company.
https://en.wikipedia.org/wiki/Resolution_Copper
Rio Tinto has reported an inferred resource of 1.624 billion tonnes containing 1.47 percent copper and 0.037 percent molybdenum at depths exceeding 1,300 metres (0.81 mi).
The proposed mine is one of the largest copper resources in North America.
Following the passage of the 2015 National Defense Authorization Act, many Native American and conservation groups oppose the copper mine because it will destroy the area above Oak Flat and around the deposit.I don’t know, how about holding on to our phones and computers a little longer, and not replacing perfectly good copper-laden objects just because there is a newer, shinier version on the market?
But there's a part to this that doesn't get enough attention (yet), and that is that these efforts are intended to be new revenue sources so that income tax on the rich can be be eliminated "because we have all of this beautiful free tariff money".