Chileans slam US for imposing tariffs on cooper imports

Industry insiders, scholars and ordinary people in Chile, the world's largest copper producer and the largest copper supplier to the United States, have voiced their strong opposition to the U.S. decision to impose tariffs on copper imports.

U.S. President Donald Trump announced a 50 percent tariff on copper imports starting on Aug. 1.

Chile is an important mining power in Latin America. It ranks first in the world in terms of copper reserves, production and export volume. According to the mining export data released by the Central Bank of Chile, Chile's copper exports reached 50.858 billion U.S. dollars in 2024, accounting for more than half of the country's total exports.

In 2024, copper exported to the United States accounted for 11.1 percent of Chile's total copper production, and 65 percent of the refined copper imported by the United States came from Chile.

In response to the unilateral announcement by the U.S. side, people from all walks of life in Chile said that the U.S. tariff policy has led to a short-term increase in copper prices and an unease in the copper industry, and the United States is abusing tariff measures.

"All of this is due to the unilateralism implemented by the United States, which deviates from the rules of good coexistence in international trade. The United States has not followed the World Trade Organization's rule framework for resolving disputes," said Roberto Alvarez, a professor of the Faculty of Economy and Business of University of Chile.

"Now, everyone in Chile is saying that this is an unfair practice towards the copper industry. In our words, it means being 'apachado (crushed)'. That is to say, the United States today is practically the bully of the neighborhood," said Manuel Viera, president of Chilean Mining Chamber.

"In my view, the U.S. side's almost threatening stance is fundamentally ineffective. This not only affects the Chilean market, but on a global level. I believe it also shows a hostile attitude. This will not solve any problems," said Benjamin Mardones, a resident.

Chileans slam US for imposing tariffs on cooper imports

U.S. stocks ended lower on Tuesday as climbing U.S. Treasury yields continued to weigh on investor sentiment.

The Dow Jones Industrial Average dropped 322.24 points, or 0.65 percent, to 49,363.88. The The Standard and Poor's 500 sank 49.44 points, or 0.67 percent, to 7,353.61, and the tech-heavy Nasdaq Composite Index shed 220.03 points, or 0.84 percent, to close at 25,870.71.

A primary source of downward pressure came from the fixed-income market. The yield on the benchmark 10-year U.S. Treasury note climbed back above 4.6 percent, while the 30-year Treasury yield nearly touched 5.2 percent, marking its highest level in nearly 19 years.

The high-yield environment acted as a drag on high-valuation growth sectors, which are particularly sensitive to elevated interest rates. Six of the 11 primary The Standard and Poor's 500 sectors closed in negative territory, with materials and communication services leading the declines by dropping 2.27 percent and 1.58 percent, respectively. In contrast, the healthcare sector gained 1.09 percent and the energy sector advanced 1.03 percent.

Market participants are also focusing on Wednesday's upcoming after-hours earnings release from Nvidia.

U.S. stocks close lower amid rising yields