Overview

• The 50% levy is set to take effect on August 1 pending final implementation guidelines from the Commerce Department.
• U.S. copper futures surged to record highs as markets reacted to the looming tariff announcement.
• Freeport-McMoRan, which accounts for 60% of U.S. copper output, could gain roughly $1.6 billion in annual profit from higher domestic prices.
• Automakers and parts suppliers warn that the tariff will drive up input costs and may force them to pass expenses on to consumers.
• Domestic supply faces constraints from lengthy mine permitting—averaging nearly 29 years—and reduced U.S. smelting capacity.