FX.co ★ Trump Announces 50% Tariff on Copper Imports Starting August 1

On Wednesday, President Donald Trump announced the imposition of a new 50% tariff on copper, which will be enforced starting August 1. This decision was made following a comprehensive national security evaluation, which concluded that such tariffs are essential to safeguard domestic production of this strategically significant material. President Trump emphasized that copper plays a vital role in the creation of semiconductors, aircraft, ships, ammunition, data centers, lithium-ion batteries, radar systems, missile defense systems, and even hypersonic weapons, which are increasingly being manufactured. In 2024, the United States imported 810,000 metric tons of refined copper, accounting for nearly half of its domestic requirements, according to the US Geological Survey. The new tariff is expected to significantly impact Chile, Canada, and Mexico, as they were identified by the US Census Bureau as the primary suppliers of refined copper, copper alloys, and copper products to the United States in 2024.