Mexico City/Santiago, (Reuters) .- President Claudia Sheinbaum declared in a press conference that Mexico could redirect copper that it usually sends to the United States to avoid tariffs.
He pointed out that Mexican officials would be in Washington on Friday for previously planned conversations about trade, security and immigration.
“Copper is necessary in many parts of the world, so there are some options,” he said at his daily press conference.
“Our responsibility is to seek the best possible negotiation with the US and at the same time look for other national production and export options to other destinations,” he added.
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As Mexico, the Chilean government also stated that it could look for markets in other places to avoid tariffs of the Trump government, a day after President Donald Trump said he will soon announce a 50% tariff to the red metal.
Mexico and Chile export most of their copper to China, but that last country is the main refining copper supplier in the United States, while Mexico occupies fifth place.
Copper is considered a basic economic reference product due to its general use in construction and infrastructure sectors.
It is likely that the news triggers a struggle to send copper to the United States before tariffs enter into force, which is expected by the end of July or August 1.
“Chilean copper will continue to find new markets,” said Chilean Foreign Minister Alberto Van Klaveren, at a press conference, after President Gabriel Boric said earlier this day that he still had no news from the United States and requested official communication.
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“It is evident that these measures concern us,” added Van Klaveren, pointing out the uncertainty of the market on global supply flows.
“The United States will continue to need copper because it does not have the ability to replace the copper that matters from Chile and other countries,” he said at the conference.
Chile is the largest copper supplier in the United States, a market that represents about 11% of its total copper exports and less than 7% of its refined copper exports.
Boric said he was waiting for the official communication of the United States government, even if the tariffs would include copper cathodes, and questioned “whether this will really be implemented or not.”
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The Minister of Mining of Chile, Aurora Williams, told Reuters that it was too early to say if Chile would request an exemption.
Copper imports represent almost half of the metal consumed in the United States, whose government seeks to increase national production.
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