THE Chamber of Mines of the Philippines (CoMP) said on Thursday that the US move to protect its copper industry with tariffs will drive its members to explore new markets and climb the value-added ladder.
“While our copper exports to the US are modest, the move could affect global market dynamics and influence local producers,” CoMP Chairman Michael T. Toledo said via Viber.
He said the Chamber is still assessing the potential impact of the US proposal to set a 50% tariff on imported copper, a key industrial metal used in electric vehicles and semiconductors.
Mr. Toledo added that Philippine copper producers are ready to respond to the planned tariffs “through market diversification, production adjustments and, over the long term, greater focus on value-added processing.”
“We also continue to push for policies that support domestic refining and downstream investments,” he added.
In a social media post, US President Donald J. Trump cited the need to supercharge the US copper industry, noting the metal’s importance in key industries like data centers, lithium-based batteries, aircraft, ships, radar systems, and other types of defense equipment.
“America will, once again, build a dominant copper industry,” he said.
CoMP noted that copper is vital to the global clean-energy transition, in which the Philippines remains well-positioned.
“Our industry remains committed to the sustainable development of our copper resources,” Mr. Toledo said. — Kyle Aristophere T. Atienza