Overview

• Trump invoked a Section 232 national security probe to justify duties on copper and 50% tariffs on Brazilian goods taking effect Aug. 1.
• U.S. Comex copper futures surged about 9% to record highs as traders rushed to ship before the levies kick in.
• The U.S. imported 810,000 metric tons of refined copper in 2024—nearly half its demand—with Chile, Canada and Mexico as top suppliers.
• Economists warn the high copper duties will raise costs for manufacturers and consumers across power grids, electronics and EVs.
• Brazil’s President Lula vowed matching tariffs under his Economic Reciprocity Law, and the administration has sent reciprocal tariff notices to 21 trading partners.