The Trump administration announced plans this week to impose a 50% tariff on US copper imports beginning August 1st. While the 50% level of copper tariffs exceeds our previous expectations, the timing is aligned with our base case and now solidifies a transitions for the copper market towards a period of payback after copper fundamentals were especially tightened by a very sharp pull-forward in US imports in 1H25. Natasha Kaneva is joined by Greg Shearer to explore what this means for copper prices and fundamentals over 2H25.
Speakers:
Natasha Kaneva, Head of Global Commodities Research
Greg Shearer, Head of Base and Precious Metals Research
This podcast was recorded on July 11, 2025.
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