From Top Electric.

In July 2025, President Donald Trump imposed a 50% tariff on imported copper, effective August 1, igniting a new trade war. Framed as a national security measure, the tariff sent copper futures soaring 13% to $5.95 per pound, the steepest single-day rise ever. COMEX prices hit $12,300 per metric ton, disrupting global markets and creating a $1,600 per ton price gap between New York and London. The U.S., importing 800,000 tons of copper in 2024, with 25% from Canada, now faces supply chain chaos. Industries like electric vehicles, requiring 80 kg of copper per unit, and renewable energy projects, with wind turbines using 4 tons each, brace for millions in added costs. Ford and Tesla anticipate higher material expenses, while housing costs could rise by $22,000 due to metal and lumber tariffs. Canada, led by Prime Minister Mark Carney, is pivoting, redirecting its $9 billion copper trade to Asia, with exports to non-U.S. buyers up 25% in March. Teck Resources is hedging on Shanghai’s exchange, and Quebec officials are securing deals in Lima and Santiago. As Canada prepares $125 billion in retaliatory duties by July 22, U.S. manufacturers seek exemptions, fearing a $4.2 billion cost surge. This tariff threatens North American trade stability, risking inflation and job losses, with the next 10 days critical for de-escalation or further economic fallout.

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