President Donald Trump announced on Tuesday that the United States will impose a 50% tariff on copper imports, signaling a major shift in trade policy aimed at strengthening domestic metal production. “Today, we’re doing copper,” Trump stated during a Cabinet meeting at the White House. It looks like the copper tariff will be established at 50%.
Trump did not provide a specific date for when the tariff will be implemented. The decision follows a national security investigation initiated in February under Section 232 of the Trade Expansion Act. Commerce Secretary Howard Lutnick confirmed the completion of the review and said a formal proclamation is expected by the end of July.
Copper prices surged following the announcement, with futures rising 13.12 percent—the biggest one-day increase since 1989. Shares of U.S.-based copper producer Freeport-McMoRan climbed by 5 percent, as domestic producers are anticipated to benefit from the new tariff.
The U.S. currently imports nearly half of the copper it uses, with Chile serving as the main foreign supplier. Copper is the third most widely used industrial metal in the United States, following iron and aluminum.
Lutnick explained that the copper tariff is intended to align with recent changes to steel and aluminum duties, which were raised to 50% in June. The goal is to bring copper back—bring copper production back to the U.S.,” he told CNBC
Trump’s announcement also included renewed warnings about additional tariffs on other sectors. He reiterated plans to impose tariffs of up to 200% on pharmaceutical imports, although those measures are not expected to take effect immediately. A 12- to 18-month transition period is being considered to give pharmaceutical companies time to relocate production back to the U.S.
These copper and pharmaceutical tariffs add to a series of broader trade actions unveiled earlier this year. In April, the White House introduced a 10% reciprocal tariff on most imports, along with country-specific tariffs between 25% and 40% on countries such as Japan, South Korea, and Thailand. Those tariffs are scheduled to be enforced starting August 1.
The White House has not yet provided complete details regarding the implementation or possible exemptions for the copper tariff, but more information is expected with the upcoming presidential proclamation.
