Part 3/9:
While recent developments have caused a stir, this isn’t the first time copper tariffs have been on the horizon. Trump initially discussed tariffs on copper earlier in the year, with investigations under Section 232 into copper’s national security implications formally starting in February. These measures had already influenced market dynamics, notably increasing U.S. copper imports in early 2023 amid expectations of tariffs.
However, the announced 50% tariff was larger than many traders anticipated, and its potential timing—closer to early August—caught the market somewhat off guard. Prior to this, expectations centered around a more gradual implementation, possibly later in the year, which limited the immediate price spikes until the recent surprise.