US President Donald Trump said today the US will impose a 50pc tariff on copper imports, with implementation expected by the end of July or early August.
During a cabinet meeting on Tuesday, Trump listed a number of tariffs he has imposed since taking office, saying "today we're doing copper" with a 50pc rate. In a broadcast interview with CNBC, commerce secretary Howard Lutnick said the tariff would likely be put in place by the end of July or 1 August.
Following Trump's announcement, the next active Comex (CME) price rose to a record high of $5.6855/lb, a $0.6595/lb or 13pc increase from $5.026/lb on Monday. The last record was set 26 March at $5.243/lb.
Copper and its derivatives have been exempt from added US tariffs, as the Department of Commerce conducts its Section 232 investigation into copper imports. Determinations from the probe were expected by the end of November, but Lutnick said in the broadcast interview today the US was done with the study.
The US imported 1.7mn metric tonnes (t) of copper and its derivatives in 2024, according to customs data.
