Copper prices have risen to record levels - This trend may continue with the increase in trade tariffs
Copper is at the heart of the American economy. It's in the wires of electronics, the walls of homes and the engines of cars. Experts say President Donald Trump's plan for tariffs on the red metal could thwart the goal of growing American manufacturing while potentially fueling inflation.
Trump's announcement on July 8 of a 50% tariff on copper imports starting August 1 sent prices soaring 13% in one day, to a record $5.69. It was the biggest daily increase in copper prices since 1968.
And these prices may just be a warning of things to come. A 50% tariff would be a “massive tax on copper consumers,” experts say. While Trump says his copper tariff is necessary to boost domestic production because of national security concerns, there is no quick fix.
The US imports over 50% of the copper it needs, mostly from South America. Copper is highly conductive, making it a critical input for electrical and electronic products. Copper can be found in cell phone chips, home plumbing fixtures, and car engines.
As Trump's self-imposed tariff deadline approaches on August 1, businesses and investors don't know what will happen after a massive tariff on a key component of the economy, let alone whether the president will implement it, given his history of backing down from tariff threats.
Copper is one of the most widely used metals in the world. Chile, Canada, and Peru provided over 90% of copper imports to the US in 2024.
Market experts believe that changing economic incentives in the modern era and the opening up of free trade have both contributed to a decline in copper production in the US.
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