According to media reports citing informed sources, the US may impose tariffs on imported copper within weeks, several months ahead of the final deadline for the decision.
The sources said that US President Donald Trump instructed the Commerce Department in February to investigate potential copper tariffs and submit a report within 270 days, but the issue is now expected to be resolved sooner.
The sources indicated that the copper tariff investigation appears to be merely a formality, as Trump has repeatedly stated his intention to impose copper tariffs.
The sources also noted that the Trump administration is rapidly conducting the review and may reach a conclusion before the 270-day deadline.
In February, on the day Trump signed an executive order directing the Commerce Secretary to initiate a Section 232 investigation on copper, White House trade advisor Peter Navarro stated that the investigation would proceed swiftly.
Trump has threatened to impose tariffs of up to 25% on all imported copper, a move that could disrupt the global copper market.
Copper is crucial for various industries, including EVs, military equipment, semiconductors, and consumer goods. As the world's largest economy, the US is increasingly reliant on imported copper to meet domestic consumption needs. The White House believes that imposing tariffs on copper will help rebuild the US copper production capacity.
According to data from the US Census Bureau, the countries most affected by the (potential) US copper tariffs will be Chile, Canada, and Mexico, which were the largest suppliers of refined copper and copper products to the US in 2024.
New York copper prices surged to a record high
following the news, with copper futures in New York hitting a record high on Tuesday evening, approaching $5.4/lb.
Analysts pointed out that the rapid rise in copper prices, especially in the New York market, reflects the impending 25% copper tariff. The risk now is that if the tariff rate is lower than 25%, copper prices will quickly pull back.
If the US indeed implements copper tariffs within weeks, it will mark a stark contrast to Trump's first-term approach, when a nearly 10-month investigation preceded the imposition of steel and aluminum tariffs.
Previously, analysts from Goldman Sachs and Citigroup stated in reports to clients that they expect the US to impose a 25% tariff on copper by year-end.
Trafigura Group, the world's largest copper trading company, previously predicted that copper prices could rise from the current level of around $10,000 to $12,000.
To learn more about the dynamics of the copper industry chain, you are invited to attend the CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo, hosted by SMM, which will be held in Nanchang, Jiangxi Province from April 22-25, 2025~
Over 3,000 industry elites, representatives from upstream and downstream enterprises in the copper industry chain, government officials, industry associations, third-party equipment, logistics and warehousing, and academic experts will gather together. The conference covers mines, smelting, copper processing, trade, recycling, and end-use applications, encompassing the entire copper industry chain.
At the event, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new-type copper-based materials, highlighting the innovation and vitality of the copper industry.
The conference features a variety of activities: the main forum focuses on global copper market trends, raw material supply, policy impacts, and market outlook. Sub-forums delve into specific areas such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS, exploring industry hot topics. During the conference, a two-day field trip will visit 12 representative enterprises in the copper industry with a combined capacity of 1 million mt. The event will share cutting-edge technologies and valuable experiences, helping to upgrade the copper industry chain and promote high-quality industry development.
The CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo will help you grasp industry trends, expand your network, and explore business opportunities! SMM cordially invites you to join us in Nanchang, Jiangxi Province from April 22-25, to gather in the new era of copper and jointly plan for new development!
