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U.S. President Donald Trump has announced a sweeping 50% tariff on copper imports in a bid to revitalize America’s copper industry. The decision, unveiled via a social media post on Wednesday, follows through on a threat made earlier this week. Trump sharply criticized former President Joe Biden, claiming his administration weakened the U.S. copper sector.
“Copper is the second most used material by the Department of Defense,” Trump wrote. “This 50% TARIFF will reverse the Biden Administration’s thoughtless behavior. America will, once again, build a DOMINANT Copper Industry.”
The U.S. currently produces just over half of the refined copper it consumes, importing the rest. Top copper suppliers to the U.S. include Chile, Canada, and Peru—countries that have urged the Trump administration to reconsider and exempt them from the steep tariffs.
While China is the world’s largest copper refiner and consumer, the U.S. depends heavily on Latin American imports to meet industrial demand. The tariff move is expected to significantly impact global trade flows and prices.
A significant portion of U.S. copper is mined in Arizona. Industry giants like Freeport-McMoRan (NYSE:FCX) and Rio Tinto (NYSE:RIO) dominate the domestic market. Following Trump's announcement, Freeport-McMoRan shares surged, and U.S. copper futures soared to record highs earlier this week amid anticipation of supply tightening.
Analysts believe the tariff could fuel higher prices and drive new investment into American copper production, though it may also provoke retaliation from trade partners. The long-term impact on supply chains and domestic infrastructure projects remains uncertain.
