Trump Says U.S. Will Impose 50% Tariff on Copper Imports

President Donald Trump said Tuesday that the United States will impose a 50% tariff on copper imports, marking a significant shift in trade policy aimed at boosting domestic metal production. “Today, we’re doing copper,” Trump said during a Cabinet meeting at the White House. “I believe the tariff on copper, we’re going to make it 50%.”

Trump did not specify when the tariff would take effect. The announcement follows a national security investigation ordered in February under Section 232 of the Trade Expansion Act. Commerce Secretary Howard Lutnick confirmed that the review is complete and said a formal proclamation is expected by the end of July.

The move sent copper prices soaring, with futures ending the day up 13.12 percent, the largest one-day gain since 1989. Shares of copper producer Freeport-McMoRan rose by 5 percent, as domestic suppliers are expected to benefit from the new import restrictions.

The United States imports nearly half of the copper it consumes, with Chile being the primary foreign supplier. Copper ranks as the third-most-used industrial metal in the country, after iron and aluminum.

Lutnick said the tariff is intended to bring copper policy in line with recent changes to steel and aluminum duties, which were doubled to 50% in June. “The idea is to bring copper home, bring copper production home,” he said in an interview with CNBC.

Trump’s copper announcement came alongside renewed warnings of further tariffs on other industries. He reiterated plans to impose tariffs of up to 200% on pharmaceutical imports, though those are not expected to take effect immediately. He suggested a 12- to 18-month grace period to allow drugmakers time to move production back to the U.S.

The new copper and pharma-specific duties come in addition to broader trade measures introduced earlier this year. In April, the White House announced a 10% reciprocal tariff on most imports, followed by additional country-specific rates ranging from 25% to 40% on nations including Japan, South Korea, and Thailand. Those tariffs are scheduled to take effect on August 1.

The White House has not yet released full details on implementation or exemptions related to the copper tariff, but further information is expected with the upcoming presidential proclamation.