Billionaire mining entrepreneur Robert Friedland welcomed US President Donald Trump’s vow to impose a 50 per cent tariff on copper imports, arguing that domestic production of the metal was “fundamental to America’s national security”.
Analysts and other executives have questioned the logic of imposing such a high levy when the US remained so dependent on imports of the metal, but the founder of Toronto-listed Ivanhoe Mines said the move was needed to “wake people up” to America’s vulnerability.
“There’s a new list of critical raw materials and without it, you can’t do anything about global warming or greening the world economy and you have a critical vulnerability in national security,” industry veteran Friedland told the Financial Times.
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