Copper Hits Record High on Trump’s 50% Tariff Plan

Copper prices have surged after Donald Trump announced a proposed 50% tariff on the industrial metal.  The news sent copper futures in New York soaring to a record US$5.9535/lb, marking an intraday jump of nearly 17%. By 2 p.m., the price had settled at US$5.5495/lb. The copper tariff is part of a broader package of targeted trade measures Trump is preparing, which could also affect industries such as pharmaceuticals and semiconductors. 

New Tariffs

US President Donald Trump announced plans to impose a 50% tariff on copper imports and indicated that pharmaceutical products could soon face duties reaching 200%. “Today we are focusing on copper,” Trump said during a cabinet meeting, adding that Washington will shortly unveil measures targeting pharmaceutical imports.

Despite the administration’s commitment to securing new trade agreements with international partners to mitigate tariff hikes, progress has been slow. Earlier this year, Trump doubled tariffs on steel and aluminum imports to 50%. Although the United Kingdom received a temporary exemption, this may be revoked as early as July 9 if the administration concludes that London has failed to meet its previous obligations.