Powell: Current stance of policy leaves us well positioned

WHITE HOUSE: TRUMP PROCLAMATION IMPOSES UNIVERSAL 50% TARIFFS ON IMPORTS OF SEMI-FINISHED COPPER PRODUCTS AND COPPER-INTENSIVE DERIVATIVE PRODUCTS EFFECTIVE AUGUST 1 Fact Sheet: President Donald J. Trump Takes Action to Address the Threat to National Security from Imports of Copper Today, President Donald J. Trump signed a Proclamation to address the effects of copper imports on America’s national security, including by imposing tariffs on several categories of copper imports. The Proclamation imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets, and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors, and electrical components), effective August 1. The copper 232 tariffs apply to the copper content of a product; non-copper content of a product remains subject to reciprocal tariffs or other applicable duties. These tariffs do not stack. The copper 232 tariffs do not stack with auto 232 tariffs. If a product is subject to auto 232 tariffs, then the auto 232 tariffs apply, not the copper 232 tariffs. Copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap are not subject to 232 or reciprocal tariffs. The Proclamation directs the Secretary of Commerce to establish a product “inclusion” process to add copper derivative products to these tariffs. The President is also authorizing the Secretary of Commerce to take steps under the Defense Production Act to support the domestic copper industry, including: Requiring 25% of high-quality copper scrap produced in the Un

Fed's Powell: Most measures of longer-run inflation expectations are consistent with the Fed's goal. Fed's Powell Says Tariffs Affect Some Products, But Overall Effect Is Unknown. Fed's Powell: A reasonable base case is a short-lived tariff inflation impact. Fed's Powell: Possible inflationary effects could be more persistent. Federal Reserve's Powell States Current Policy Stance Is Suitable To Protect Against Inflation Risks, Plans To Complete Policy Review By Late Summer

*POWELL: MODESTLY RESTRICTIVE POLICY SEEMS APPROPRIATE POWELL: WE HAVE MADE NO DECISIONS ABOUT SEPTEMBER Fed's Powell: Uncertainty more or less even since last meeting. POWELL: MANY UNCERTAINTIES LEFT TO RESOLVE POWELL: FEELS LIKE THERE'S MUCH MORE TO COME Fed's Powell: Many labor measures similar to a year ago.

Fed's Powell: You don't see a weakening in the labor market. Fed's Powell: Demand and supply for workers are coming down at about the same rate. Fed's Powell: The main number you have to look at is the unemployment rate. Fed's Powell: Decline in labor supply and demand suggests downside risk. Fed's Powell on the dissents: What you want is a clear explanation, and we had that today. People thought carefully about this and put their positions out there.