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Trump Confirms Proposed 50% Tariff on Copper Imports

No order has been signed or effective date set for the tariff; markets have swung sharply, with Canada pressing for a bilateral deal by July 21.

FILE PHOTO: A mine worker walks toward the mine shaft at the Resolution Copper exploratory mine shaft 10 facility in Superior, Arizona, U.S., March 30, 2021. Picture taken March 30, 2021. REUTERS/Caitlin O'Hara/File Photo
Gibraltar copper mine near Williams Lake.
Higher copper prices could lead to more theft, and stolen copper is hard to trace.
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Overview

  • President Trump announced a proposed 50% tariff on copper imports at a July 8 cabinet meeting, a level confirmed by Commerce Secretary Howard Lutnick.
  • No executive order has been signed or effective date set for the tariff, leaving the timing of implementation uncertain.
  • U.S. copper futures jumped 8.7% to $5.47 per pound and Freeport-McMoRan shares rose 4.6% after the announcement, underscoring market volatility.
  • Canada exported $9.3 billion of copper products in 2023, with just over half destined for the U.S., and Ottawa is seeking a bilateral deal by July 21 while tightening procurement rules to protect domestic refineries.
  • Copper theft in Canada has risen 23% year-over-year as prices climb, with Bell Canada reporting over 500 incidents this year and calls growing to restore scrap-dealer ID requirements after a court struck them down.