Trump Announces 50% Copper Tariff To Take Effect In August

Copper is the third-most-consumed metal globally, behind iron and aluminum.

President Trump says a tariff on copper imports will soon take effect.

“I am announcing a 50% tariff on copper, effective August 1, after receiving a robust national security assessment,” Trump said.

“Copper is necessary for semiconductors, aircraft, ships, ammunition, data centers, lithium-ion batteries, radar systems, missile defense systems, and even, hypersonic weapons, of which we are building many. copper is the second most used material by the department of defense,” Trump added.

Copper prices increased 2.62% following his announcement, extending its gains from the previous session and recorded its best one-day gain since 1989. It is the third-most-consumed metal globally, behind iron and aluminum.

The U.S. imports nearly half of the copper it uses, with most of it coming from Chile.