Investing.com -- Freeport-McMoRan (NYSE:FCX) Inc., North America’s leading copper producer, has been benefiting from the potential US tariffs on copper imports, selling the metal at higher prices. However, the company’s CEO, Kathleen Quirk, has warned that broader tariffs could harm the industry, which President Donald Trump aims to support.
In a recent interview at Freeport’s Phoenix headquarters, Quirk stated that disruption of global growth could affect copper prices. She pointed out that while efforts to bolster the US copper industry are underway, a slowdown in GDP growth and inflation could exert significant pressure on domestic mines.
Quirk, 62, acknowledged the benefits of a copper tariff in the May 29 interview, noting that it allows the company to price its copper higher domestically. However, she expressed concern about the potential impact of large tariffs and trade wars on global copper demand.
While maintaining a neutral stance on copper duties, Quirk recognized the potential benefits and challenges that could arise if tariffs are imposed on metal imports. She warned that a trade war fueled by tariffs could negatively affect demand for the metal, which Freeport also produces in Indonesia, Spain, Peru, and Chile.
Quirk voiced her support for initiatives aimed at reviving the US copper industry and promoting more domestic production. Freeport has advocated for additional incentives to stimulate copper mining in the US, such as the tax credits included in the Inflation Reduction Act, which are already available to lithium and nickel miners.
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