US tariff on copper may put pressure on American producers — Bloomberg

According to Bloomberg, the 50% tariff on copper imposed by the United States, which takes effect on August 1, may negatively affect American buyers of the metal. Alice Fox, a strategist at Macquarie Group, stated that imposing duties on foreign copper purchases could increase production costs and undermine the international competitiveness of domestic manufacturers. Additionally, Ivan Arriagada, CEO of Antofagasta plc, expressed concerns about the future of US manufacturers of copper-based products.

Meanwhile, Aurora Williams, Chile’s mining minister, said the government intends to seek exemptions or benefits from the US tariffs. Chile supplies 70% of the copper imported by the United States, and Williams noted that the country has no immediate alternative for sourcing the metal.

Bloomberg reports that the US produced 850,000 tons of refined copper in 2024 while importing 810,000 tons. The country has only two smelters, and about half of its raw copper is exported to China.