Trump Just Crashed the Copper Market
U.S. copper futures plunged roughly 20% in late trading Wednesday after President Trump unveiled 50% tariffs on copper products but not on the raw material itself. U.S. copper prices surged to records and well above global prices this month after Trump said he would impose a 50% import tax on the metal, which is used to make electronics and automobiles and in construction, where it is used to convey water in pipes and electricity in wires. On Wednesday, ahead of the Aug. 1 effective date, the White House backed off taxing copper in its less processed forms, such as concentrate and cathodes, as well as scrap and instead slapped the levy on copper products, such as wire, tubing and sheeting.