President Trump confirmed he will impose a 50 % tariff on imported refined copper, a sharp jump from today’s single-digit rates and now aligned with the duties already placed on steel and aluminium. Commerce Secretary Howard Lutnick said the proclamation should be issued within days, with the new tariff taking effect in late July or early August 2025. In 2024 the United States imported roughly 800 000 tonnes of refined copper—about half of its domestic consumption—most of it from Chile and the remainder largely from Canada and Peru. Analysts warn the move could instantly wipe out the economics of additional 2025 shipments.
The announcement sent COMEX copper futures up 13 % to a record $5.69 per pound, creating a 25 % premium over London Metal Exchange prices. U.S. trading partners are already bracing for wider tariff hikes: letters Trump sent to 14 countries foreshadow duties of 25–40 % on various goods starting 1 August, plus possible tariffs of up to 200 % on pharmaceuticals after a one-year transition. Critics argue the copper move reflects an escalating protectionist stance—helping U.S. raw-material producers while squeezing the far larger group of manufacturers that rely on copper as an input.
Daily Summary: 📉 A Red Day Across Markets. AI Sector Weighs on Wall Street, Precious Metals Under Pressure
US Open: Blood on Wall Street as Semiconductor Sector Extends Correction
Wheat futures hit two-year high 🔼 Russian exports at risk
Cocoa rises on a wave of rebounding demand in Asia. Europe remains in retreat
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
