US to impose 50% tariff on copper from August 1

US will impose a 50% tariff on copper from August 1. President Donald Trump called it a matter of national security, he said in a post on Truth Social that copper is used in everything from semiconductors to aircraft ships, ammunition, lithium-ion batteries, radar and missile systems to hypersonic weapons, many of which we are making.

Trump said that copper is the second most used material in defense. According to reports, about 90% of the refined copper imported by the US last year was from Chile, Canada and Peru.

According to one estimate, Canada has only 1% of the world's copper reserves and in 2023 it was in 12th place in copper production.