MS-Commodity Matters US 百分之50 Copper Tariffs Exclude Cathode Anode, Comex Spread to LME Expected...-20250730

What's new? US President Trump has issued a proclamation regarding 50% tariffson imports of copper (here). The tariff will apply to downstream semi-finishedproducts such as copper piping, rods, sheets and wires, as well as to copperintensive finished goods such as cables and electrical components. The tariffs willonly apply to copper content within the products and they do not stack with autorelated S232 tariffs. The tariffs will not apply to upstream materials, includingconcentrate, cathode and anode, which are also not subject to reciprocal tariffs.

In addition, the Proclamation also requires 25% of copper input materials (copperores, concentrates, mattes, cathodes and anodes) produced in the US to be sold inthe US – starting at 25% in 2027, increasing to 30% in 2028 and 40% in 2029. Thenewly announced tariffs become effective August 1st.