U.S. President Donald Trump announced on Monday a new 50 percent tariff on all imported copper, sparking a historic surge in copper futures prices on the New York Mercantile Exchange (COMEX).
Copper futures prices on COMEX soared as much as 17 percent intraday to an all-time high of 5.8955 U.S. dollars per pound, marking the biggest single-day jump since 1989.
By the close of trading, prices settled at 5.68 U.S. dollars per pound, up 13 percent from the previous session.
U.S. Commerce Secretary Howard Lutnick indicated that the new tariffs are expected to take effect by the end of July or staring Aug. 1.
Market analysts suggest that the higher-than-anticipated tariff rate has spurred a rush to buy copper before the policy is enforced, driving prices sharply upward in the short term. However, the rally may stabilize as domestic copper inventories rise.
As the world's third most-consumed metal after iron and aluminum, copper is vital for electronics, construction, industrial machinery, and key components in automobiles, power grids, and precision equipment. The tariff could significantly increase production costs across multiple sectors of the U.S. economy.
According to U.S. Commerce Department data, the United States imported 17 billion U.S. dollars' worth of copper in 2024, meeting roughly half of its demand. Chile was the largest supplier, exporting 6 billion U.S. dollars' worth of copper to the United States last year.
The move has raised concerns over potential inflationary pressures and supply chain disruptions, with industries heavily reliant on copper bracing for higher costs.
Prices of US copper futures hit record high after Trump announces 50 pct tariff on copper
Prices of US copper futures hit record high after Trump announces 50 pct tariff on copper
Prices of US copper futures hit record high after Trump announces 50 pct tariff on copper
China is willing to strengthen communication, enhance trust, eliminate interference, and deepen cooperation with Canada to bring bilateral relations forward on a steady and sound track in solid strides under the new circumstances, said Chinese Foreign Minister Wang Yi on Thursday.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, met with Canadian Foreign Minister Anita Anand in Beijing on the day.
Referring to Canadian Prime Minister Mark Carney's visit to China, the first by a Canadian prime minister in eight years, Wang said the trip marks a milestone in bilateral ties and signals a turning point in the relationship.
The leaders of the two countries will hold meetings and talks, which are expected to open up new prospects for bilateral relations, said Wang.
The world today is undergoing profound and complex changes, and the impact of China-Canada relations transcends the bilateral scope, Wang noted.
Wang said that China and Canada have different social systems, stemming from different historical and cultural heritage, and based on the choices of their respective people.
He urged both sides to view each other in a rational and amicable manner with an inclusive mindset, handle issues on the basis of mutual respect, focus on the agenda of cooperation, and send positive messages so as to foster optimism, inject greater confidence into the development of bilateral relations, and jointly build a new type of strategic partnership between China and Canada.
Anand said the new Canadian government attaches great importance to relations with China. She also added that Prime Minister Carney looks forward to engaging in in-depth exchanges with Chinese leaders during the visit to set the course for the development of bilateral relations, resume dialogue in various fields, pursue more mutually beneficial outcomes, enhance coordination and cooperation in multilateral affairs, and further advance the strategic partnership between the two countries.
China ready to work for steady, sound ties with Canada: FM
