Chile and Mexico sought new markets before US copper import tariffs took effect

On Wednesday, July 9, senior government officials from Chile and Mexico indicated that they might seek alternative markets to avoid Trump's tariff threats, following the previous day's threat by US President Trump to impose a 50% tariff on copper imports.

As previously reported by Xinhua News Agency, US President Trump stated on July 8 that a new 50% tariff would be imposed on all copper imported into the US, though the specific effective date of the new tariff was not disclosed.

According to CNBC, after a cabinet meeting, US Secretary of Commerce Raimondo said that the Commerce Department had completed its investigation into copper imports and that he expected the new tariff "to be implemented possibly by the end of July or August 1."

Most of Mexico and Chile's copper exports go to China.

Chilean Foreign Minister Van Klaveren stated at a press conference: "Chile's copper products will continue to explore new markets." Earlier that day, Chilean President Boric had said that he had not yet received any information from the US and called for formal communication.

"It's clear that these measures concern us," Van Klaveren added, referring to the uncertainty in global supply.

"The US will continue to need copper because it doesn't have the capacity to replace copper imports from Chile and other countries," he said at the meeting.

Chile is the largest single supplier of copper to the US, accounting for about 11% of Chile's total copper exports, but less than 7% of its refined copper exports.

Chilean President Boric said he was waiting for formal notification from the US government, including whether the tariff would cover copper cathodes, and questioned, "Will this really be implemented?"

Chilean Mining Minister Aurora Williams said it was still uncertain whether Chile would apply for an exemption.

The US imports nearly half of its total copper consumption and its government is working to increase domestic copper production. Chile is the largest supplier of refined copper to the US, while Mexico ranks fifth.

Mexican President Sheinbaum stated at a press conference that Mexico might change its regular export routes to the US to avoid tariffs.

She said Mexican officials would arrive in Washington on Friday to participate in previously scheduled talks on trade, security, and immigration issues.

"Copper is in high demand worldwide, so there are still some options available in this regard," she said at a daily press conference in Mexico City.

Sheinbaum said: "Our responsibility is to negotiate as ideally as possible with the US, while also seeking other options for domestic production and exporting to other destinations."

Copper is considered an important economic indicator due to its widespread use in construction and infrastructure.

According to a report by CCTV News Client on July 10th, on July 9th local time, US President Trump announced on the social media platform "Truth Social" that the US would impose a 50% tariff on imported copper, effective from August 1st, 2025.

This news may prompt parties to quickly ship copper to the US to complete transportation before the tariff takes effect.

(Wenhua Comprehensive)