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President Donald Trump has announced a new 50% tariff on copper imports into the United States.
The decision follows through on tariff threats made earlier this year, when an investigation was launched into the impact of copper imports on national security.
Similar probes are reportedly being considered for other sectors, including pharmaceuticals, semiconductors, and lumber, as part of a broader strategy of tariffs that President Trump asserts will protect and bolster American industry.
Following the announcement of the new import tax, copper prices in the U.S. experienced an increase. Commerce Department Secretary Howard Lutnick indicated that he anticipates the tariff to take effect around the end of the month.
Lutnick stated that he expects President Trump to formalize the decision with signed documents in the coming days. The president revealed the plan in an impromptu remark during a televised cabinet meeting.
“Today we’re doing copper,” President Trump stated. “We’re going to make it 50%.”
According to the U.S. Geological Survey, the U.S. imported approximately 810,000 metric tons of refined copper last year, representing about half of its consumption. according to the US Geological Survey
Chile was the leading supplier, followed by Canada.
Copper is a crucial component in military equipment, electric vehicles, and construction. Current U.S. tariff rates on copper are generally significantly lower than 50%.
A 50% tariff would align with the recently imposed levy on steel and aluminum products but would exceed the expectations of many industry stakeholders.
Some industry representatives have stated that they are awaiting the final order before commenting, noting that exemptions may be granted to certain countries or products.
“We have to see whether this will apply to all countries or only some,” said the chairman of Chile’s state-run copper producer Codelco.
Scott Lincicome, vice president of economics and trade at the Cato Institute, characterized the announcement as “more of the same,” creating uncertainty while signaling that higher tariffs are imminent.
“We’re going to get some sort of new level of historically high US tariffs – we’re really just wrangling over the exact number and coverage,” he said, adding that the measure would help US producers but hurt the many more firms in the US that need copper as an input.
The copper tariff announcement coincides with the White House’s preparations to potentially raise tariffs on goods from various countries starting on August 1.
While President Trump had previously imposed a 10% tariff on most products, he had previously paused more aggressive plans after financial markets reacted negatively to steeper tariffs, and business groups in the U.S. requested a reprieve.
President Trump sent letters to leaders of 14 countries on Monday, including South Korea and Japan, warning them of plans to institute new levies ranging from 25% to 40%.
Many trading partners are still hoping to strike deals before 1 August.
Trump on Tuesday said talks were going well with the European Union and he was “probably two days off” from sending a letter unveiling a new tariff rate.
In the UK, steelmakers are anxiously waiting to hear if they will be able to avoid tariffs of 50% on their products.
The US and UK agreed in May that the US would allow UK steel and aluminium into the US free of tariffs, up to an amount to be determined, as part of a wider tariff deal.
While the deal came into force last month, the tariff reductions on metals were yet to be finalised.
Currently, steel and aluminium products arriving on US shores from the UK remain subject to a 25% import tax, which could double if a deal between the two countries is not implemented by 9 July.
The White House did not respond to a request for comment on the status of those talks.
In his remarks Trump also said he planned to move forward with tariffs of up to 200% on pharmaceuticals, but said he would give the industry at least a year to adjust.
Additional reporting from Oliver Smith
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