Trump announces 50 % tariffs on copper 📃🔎

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.