10 July 2025 | Other

Chile and Mexico consider alternative copper markets as US tariffs loom

Chile and Mexico consider alternative copper markets as US tariffs loom

The US has announced a 50% tariff on copper imports, pushing Chile and Mexico, its top suppliers of the metal, to seek new buyers. Both countries have already reduced their reliance on the American market, redirecting over half of their copper exports to China. However, the US remains crucial for both.

Chile is the largest copper supplier to the United States, which accounts for about 11% of its total copper exports and less than 7% of its refined copper shipments. Chilean Foreign Minister Alberto van Klaveren stated that the country is capable of finding new buyers. However, he emphasized that the US consumes nearly half of all imported copper and won't be able to ramp up domestic production quickly.

Mexico, which exports roughly 5% of its copper to the US, has stated it is prepared to redirect its shipments if necessary. Meanwhile, Mexican officials will continue discussions with their American counterparts during upcoming meetings in Washington.

Before the tariffs take effect, market players will likely rush shipments to the US to avoid additional costs. This could trigger a short-term surge in copper deliveries ahead of the restrictions being implemented.

Brent sell
Period: 30.09.2026 Expectation: 250 pips
Brent crude sell-off targets $88.50
Today at 10:01 AM 2
Period: 30.09.2026 Expectation: 550 pips
Go short on SPX down to $7,600
Today at 10:01 AM 2
Period: 21.09.2026 Expectation: 2100 pips
Go short on USDCAD as dollar index hits three-month lows
21 August 2026 31
Period: 28.08.2026 Expectation: 1002 pips
GBPUSD is likely to climb further next week
21 August 2026 31
Period: 21.09.2026 Expectation: 950 pips
Buying AUDCAD up to 0.99250
21 August 2026 27
Period: 28.08.2026 Expectation: 540 pips
Brent crude is coming close to July highs
21 August 2026 29
Go to forecasts