President Donald Trump has announced plans to impose a 50% tariff on copper imports, a move aimed at bolstering US production of the essential metal, as reported by Reuters.
Following the announcement, US Comex copper futures surged more than 12% to a record high.
During a White House cabinet meeting, Trump revealed his intention to declare the tariff, although the effective date was not specified, stating: “I believe the tariff on copper, we're going to make 50%.”
US Commerce Secretary Howard Lutnick indicated in a CNBC interview that the tariffs could be in place by the end of July or on 1 August 2025, with Trump expected to share details on his social media account.
Despite the announcement, a definitive declaration of the tariffs is still awaited by countries, mining companies and trade groups.
The US government initiated a Section 232 investigation into copper imports in February, with a November deadline for conclusion. Lutnick has confirmed that this review os already complete.
“The idea is to bring copper home, bring copper production home, bring the ability to make copper, which is key to the industrial sector, back home to America,” he stated.
The National Mining Association has declined to make any comments until more details are disclosed, and the American Critical Minerals Association has not responded to requests for comments.
The new US copper tariff is poised to significantly impact Chile, Canada and Mexico, the top suppliers of refined copper and copper products to the US in 2024 according to US Census Bureau data.
These countries, along with Peru, have argued that their exports do not threaten US interests and should be exempt from tariffs, given their free trade agreements with the US.
The Canadian metals industry is already grappling with challenges from higher US tariffs on steel and aluminium, now at 50%, which could lead to job losses and reduced sales.
Navigate the shifting tariff landscape with real-time data and market-leading analysis. Request a free demo of GlobalData’s Strategic Intelligence here.
