Another Day, Another Tariff: Trump Targets Copper Next
Like a sledgehammer in a jeweller’s shop, Trump’s latest tariff threat landed with clumsy force. On Tuesday, the president casually announced a 50% tariff on imported copper—an offhand comment during a cabinet meeting that sent prices soaring and markets scrambling.
“Today we’re doing copper,” Trump said, brushing aside the economic fallout as casually as ordering lunch. The policy, expected to be formalized by the end of the month, continues a now-familiar pattern: slap a tariff on a key import, invoke national security, and wait for the chaos to unfold.
Copper Prices Surge as Industry Holds Its Breath
Following the announcement, U.S. copper prices jumped to record highs, reflecting panic as buyers braced for disruption. Commerce Secretary Howard Lutnick confirmed the tariff would likely be signed into law in the coming days.
The numbers speak volumes: the U.S. imported 810,000 metric tons of refined copper in 2024—about half of total national consumption, according to the U.S. Geological Survey. The biggest supplier? Chile, followed closely by Canada.
If this policy applies across the board, it will send shockwaves through industries that rely heavily on copper: electric vehicles, construction, defense systems, and more.
“I don’t know how we absorb this,” said one supply chain director at a Midwest electronics manufacturer. “We’re already facing labor issues, battery shortages, and rising costs. Now 50% on copper? It’s insane.”
National Security or Convenient Excuse?
Trump’s justification—that copper is vital to national security—feels increasingly hollow. Yes, copper is used in military systems, but it’s also central to building homes, powering clean energy, and making smartphones.
Critics argue the “security” framing is just a smokescreen for economic protectionism. And while a few U.S. mining companies may benefit, the cost for downstream industries could be steep—and widely felt.
Scott Lincicome of the Cato Institute didn’t mince words: “We’re going to get some sort of new level of historically high U.S. tariffs—we’re really just wrangling over the exact number and coverage.”
Tariff Fever Spreads—Again
Copper isn’t the only target. Trump is also preparing to raise tariffs on goods from 14 countries, with new levies ranging from 25% to 40% expected to kick in by 1 August. Countries receiving the warning letters include Japan, South Korea, Thailand, and others hoping for last-minute deals.
Meanwhile, the U.K. steel industry is stuck in limbo. A bilateral deal signed in May is still waiting for implementation. Unless it’s finalized by 9 July, 25% tariffs on British steel and aluminium could double to 50%—undermining what was supposed to be a done deal.
And Trump isn’t stopping there. He also floated plans for tariffs of up to 200% on pharmaceuticals, saying he’d give the industry a year to adjust—though, as usual, details remain foggy.
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People Also Ask
Why is Trump imposing a 50% copper tariff now?
Trump says it's to protect national security, but critics argue it's about optics and midterm positioning. The decision lacks clarity and came with no economic impact assessment.
How will this affect copper prices and industries?
Prices have already hit record highs. Industries like EVs, electronics, and construction will likely face cost hikes. Expect slower projects and squeezed margins.
Will countries like Chile or Canada be exempt?
It's unclear. Trade partners like Chile hope for carve-outs, but no exemptions have been announced. Trump has a history of using exemptions as bargaining chips.
Is this the start of more tariffs in other sectors?
Yes. Trump has telegraphed plans to target pharma, semiconductors, lumber, and more. The 1 August deadline could unleash a new wave of economic turbulence.
Related Article: Markets Find Cautious Optimism as Tariff Deadline Gets a Last-Minute Extension
Same Tune, Louder Volume
At this point, Trump’s tariff strategy feels like a broken record—loud, disruptive, and stuck on repeat. The 50% copper tariff is just the latest example of economic whack-a-mole, targeting one input after another without a coherent endgame.
Sure, it might win applause in a few Rust Belt mining towns, but the broader impact is uncertainty, higher costs, and international confusion. American businesses are exhausted, foreign governments are frustrated, and voters are increasingly tuning out.
Let’s face it: Trump’s tariff shtick isn’t bold anymore—it’s just boring.
