MarketWatch: US faces challenges in meeting domestic copper demand amid import duties

According to S&P Global, the US has been grappling with a copper supply deficit for at least five years. Between 2019 and 2023, the country imported approximately 44% of its annual refined copper consumption. In 2024, domestic production reached 1.1 million tons of the red metal, while consumption stood at 1.6 million tons, underscoring the nation's reliance on imports.

Last month, American President Donald Trump ordered an investigation into potential national security risks posed by copper imports. The probe aims to assess threats from copper shipments originating from China or other nations that could impact US industries. Among the measures being considered to address these concerns are import duties, export controls, and efforts to boost domestic production, as reported by MarketWatch.

John Caruso, senior market strategist at RJO Futures, noted that the potential imposition of tariffs on copper imports came as a surprise. Industry observers had anticipated a lengthy international market study of the metal, with any restrictions likely taking effect in the third or fourth quarters of 2025. However, the US government’s current approach signals a strategic shift toward prioritizing copper supplies for domestic industries.