Overview

• Under Section 232, the president will levy a 50% tariff on copper imports effective August 1 following a national security review.
• U.S. copper futures jumped about 13% to record highs as traders weighed the impact of steeper duties on global supply.
• Canadian mining firms have downplayed near-term effects, citing their focus on exporting concentrates outside the United States and requesting details on exemptions.
• Analysts warn that building U.S. mining, smelting and refining capacity to replace imports would take years and demand billions of dollars in investment.
• Economists say higher copper costs will drive up prices for appliances and infrastructure work and could spur more metal theft.