U.S. copper prices spiked to a record high following President Donald Trump's threat to impose 50% tariffs on copper imports, citing national security. Industry experts, however, state that Trump's goal of quickly boosting domestic mining, smelting, and refining capacity for U.S. self-sufficiency in copper is unrealistic, as new projects take years to develop and face significant economic and environmental hurdles.
Copper spikes to record on Trump’s tariff threat, but quick U.S. self-sufficiency push is a pipedream
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TL;DR: Key points with love ❤️U.S. copper prices spiked to a record high following President Donald Trump's threat to impose 50% tariffs on copper imports, citing national security. Industry experts, however, state that Trump's goal of quickly boosting domestic mining, smelting, and refining capacity for U.S. self-sufficiency in copper is unrealistic, as new projects take years to develop and face significant economic and environmental hurdles.
Trending- 1 Tuesday (July 8, 2025): Trump threatened tariffs
- 2 Before end of the year: Taseko Mines' Florence project due to start production
- 3 2029 (earliest): Hudbay's Copper World project in production
- Copper prices spiking to record highs
- Significant price premiums for U.S. copper
- Uncertainty and debate over feasibility of U.S. copper self-sufficiency
- Potential benefits for U.S.-based copper miners
What: U.S. copper prices spiked to a record high (US$5.90 a pound) following President Donald Trump’s threat to impose 50-per-cent tariffs on copper imports. Industry experts believe Trump's plan for quick U.S. self-sufficiency in copper is unrealistic.
When: Trump's threat on Tuesday (July 8, 2025). Prices jumped following the promise. Florence project due to start production before end of the year. Copper World earliest production 2029.
Where: United States (affected market, proposed production increase); Chile (major copper miner); China (major refiner); Indonesia (location of recent smelter build); Arizona (Florence and Copper World projects).
Why: Trump's threat to impose tariffs, based on a Section 232 investigation concluding national security is threatened by reliance on copper imports, aims to repatriate industrial production and encourage investment inside the U.S.
How: Trump announced a threat of 50% tariffs on copper imports.