Trump’s Copper Tariff Bombshell Sparks a 13% Rise in Copper Prices, the Largest Single-Day Price Jump Since 1968

The metal that powers modern civilization just got a price hike, and the construction industry is feeling the tremor. Trump’s announcement of a 50% tariff on copper imports sent futures rocketing over 13% to $5.68 per pound, marking the metal’s largest one-day price jump since records began in 1968. Commerce Secretary Howard Lutnick told CNBC he anticipates implementation “likely to be put in place end of July — maybe Aug. 1.”

• The US imports roughly 810K tons of refined copper annually while producing only 850K tons domestically, with Chile supplying the majority of imports at 65%.
• The tariff threatens to dramatically increase costs across industries reliant on copper — from consumer electronics and automobiles to data centers and renewable energy infrastructure.

Supply chain scramble: An acute supply squeeze that had been building for months suddenly collapsed as the tariff timeline compressed the window for profitable arbitrage trades from overseas warehouses. Shipments from European and Asian warehouses take weeks to reach American shores, meaning cargoes risk arriving after the new duties are implemented. Jefferies’ Christopher LaFemina warned the US lacks “nearly enough” domestic capacity to achieve copper self-sufficiency, predicting “continued significant price premiums in the US relative to other regions.”