Chile Hopes Any Trade Deal Agreed With the US Will Include Copper

As representatives of the Chilean government proceed with their trade deal discussions with U.S. officials this week, they expect that the discussions will include talks about the newly imposed 50% tariffs on copper imports into the U.S. Chile is the biggest exporter of this metal to America, though a larger quantity of copper is exported to China from Chile.

Trade deal talks between Chile and America started on Monday, and today (Tuesday) marks the second round of those discussions.

While speaking to local journalists in Chile, Mario Marcel, the Finance Minister of the country, stated that Chile would request that the broader agreement discussed includes the matter of copper tariffs. He added that it is only natural for this to happen since wood and copper are the biggest exports of Chile to the U.S.

When the minister was asked to comment on whether Chile would seek to be exempted from the copper import tariff, he replied that they would seek to have all tariffs covered during their discussions. He said the copper tariff will be part of the broad discussion since the metal is central among Chilean exports to America.

Marcel indicated that the trade agreements that other countries have reached with the U.S. had included carve-outs and exemptions, so it wouldn’t be unusual for Chile to seek similar concessions in any agreement reached with U.S. officials.

Many countries are currently working to reach trade deals with the U.S. as the August 9 deadline approaches for the “Liberation Day” tariffs to take effect. It isn’t clear whether discussions with all those countries will be concluded by that deadline or whether Trump would announce another extension to the start of implementing those broad tariffs.

The American president has previously revealed that those stiff tariffs were announced in order to trigger discussions that would rebalance trade relationships between the U.S. and other countries. Whether he has the determination to implement those stiff tariffs against countries that don’t strike trade deals with the U.S. remains to be seen.

Critics have been arguing that the tariffs, if implemented as-is, will not just hurt the other countries but will also hurt America as consumers are likely to face product shortages or pay more for products as manufacturers and businesses pass on some of those added costs to the buyers of their products. There have been fears of a possible global economic recession as a result of the trade war, but current economic data is revealing signs of resilience.

Copper exploration companies like Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) will be keeping tabs on how the copper market is reorganized in light of the 50% tariff on copper imports into the U.S. since the country is a major importer of the red metal.

NOTE TO INVESTORS: The latest news and updates relating to Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) are available in the company’s newsroom at https://ibn.fm/ATBHF

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