The United States is set to impose a sweeping 50% tariff on copper imports, President Donald Trump announced during a televised cabinet meeting, marking a significant escalation in his administration’s protectionist trade strategy. The move, which follows a national security review ordered earlier this year, targets a critical material used in military systems, electric vehicles, and construction.
Commerce Secretary Howard Lutnick confirmed the tariffs are expected to come into effect by the end of July. Copper prices in the U.S. surged to record highs following the announcement. The U.S. imported around 810,000 metric tons of refined copper last year, accounting for nearly half of its total consumption. Chile, the world’s top copper exporter, and Canada were the leading suppliers to the American market.
While current copper tariffs are far below 50%, the new rate aligns with recently imposed levies on steel and aluminum. Industry reactions have been cautious, with stakeholders awaiting the final details. “We have to see whether this will apply to all countries or only some,” said the chairman of Chile’s state-owned mining company, Codelco.
Trump’s decision is part of a broader tariff push that includes looming measures on pharmaceuticals, semiconductors, and lumber. He also signaled plans for import taxes on goods from 14 countries, with new rates ranging from 25% to 40% set to begin August 1, unless exemptions are secured.
Scott Lincicome of the Cato Institute criticized the announcement as part of a pattern of tariff hikes that disrupt businesses relying on imported materials. “This will help U.S. copper producers,” he said, “but harm many more companies that use copper as a critical input.”
Meanwhile, the UK is racing to finalize a tariff exemption deal on steel and aluminum before a July 9 deadline. Failure to do so could see tariffs on British metals double to 50%.
Trump also revealed plans to impose tariffs of up to 200% on pharmaceuticals, though the sector will have a one-year grace period to adjust.
As Lutnick noted, Trump is expected to sign formal documents in the coming days, underscoring a renewed commitment to reshaping U.S. trade policy through aggressive tariffs.
