LARKSPUR, Colo. (KOAA) — President Donald Trump set a deadline for countries to make trade deals with the United States. One of the lists includes a 50% tariff on copper imports, effective August 1.
News5 talked with a local copper company, Colorado Copper Inc., in Larkspur. Its owner, Tillman Nelson, says he's already seeing price increases before the tariff takes effect.
"A lot of interior copper items, such as a range hood over a stove, we do fireplace," said Nelson.
He says he's been producing copper items for over two decades.
"I love seeing something to come back to life," said Nelson.
However, rising copper costs have been chipping away at that joy. He says prices have tripled over the past four years.
"Uncertainty... something isn't adding up. There's a tariff coming on August 1st. On July 10th, they raised our prices because of the threat of it," said Nelson.
Scott Van Ness, Professor of Operations Management at the University of Colorado Colorado Springs, says the U.S. imports approximately 45% of its copper internationally, mostly from South America, such as Peru.
He says that in the long term, the tariff could benefit the U.S. copper industry.
"The U.S. is developing a strong copper industry. It's going to be good for everybody because we are going to have a dependable, efficient copper mining and production system here in the U.S.," said Van Ness.
But he says it could take some time, eight to 10 years. Local businesses might see the impact.
"It's going to cost you to do the business," said Van Ness.
Nelson says his company is now considering alternative options to generate revenue.
"Social media," said Nelson. "There's money to be made, so I wouldn't have to rely totally on just products I'm selling."
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