U.S. President Donald Trump announced 50% tariffs on copper imports this week while exempting refined copper—the primary commodity in global trade. Although this exemption initially appeared to promise supply chain stability, its unexpectedly broad scope instead jolted markets, causing New York copper prices to plummet.
According to a White House statement, immediate 50% tariffs effective July 31 will apply to pipes, wires, rods, sheets, tubes, and copper-intensive goods including fittings, cables, and connectors. Copper ore, concentrates, and anode copper received exemptions. Additionally, a new presidential order mandates that 25% of high-grade copper scrap produced domestically must be sold within the U.S. starting in 2027.
In July 2025, Jay Chmelauskas, CEO, President, and Director of Camino Minerals Corp (TSXV: COR), shared the company’s latest developments and future plans in an interview with METALS 100. Camino is a discovery and development-stage copper exploration company. In 2024, it signed a Definitive Agreement to acquire the construction-ready Puquios copper mine in Chile. The company also manages several other projects, including Los Chapitos and Maria Cecilia.
Prior market expectations of comprehensive refined copper tariffs had driven New York futures to a premium exceeding 30% over London benchmarks. The policy reversal triggered COMEX copper futures to plunge by a record 22%, collapsing the CME-LME spread into discount territory. Traders are now reassessing massive U.S. copper inventories recently imported, with potential re-exports under consideration.
The policy U-turn caught markets completely off guard, said Natalie Scott-Gray, senior metals analyst at StoneX Financial, who predicted further copper price declines. Daniel Ghali, TD Securities analyst, noted that the CME-LME spread—touted as one of history’s most profitable commodity trades—vanished in a single session after the White House announcement. Li Xuezhi, research head at Shanghai’s Chaos Ternary Futures, observed: This severely deviates from market expectations. Bulls betting on U.S. prices have wasted all their efforts—global copper flows will normalize.
Goldman Sachs analysts, including industrial metals lead Eoin Dinsmore, expressed surprise at the near-complete exemption rollback but confirmed it signals the administration’s focus on copper supply security. They anticipate no large-scale U.S. re-exports and expect COMEX prices to stabilize near LME levels. Future tariffs remain possible, with the Commerce Department recommending 15% on refined copper from 2027, rising to 30% in 2028, pending a market review due by June 2026.
LME copper settled 0.9% lower at $9,611 per tonne while COMEX copper traded at $4.371 per pound—down 22% from pre-announcement levels.
