Copper now costs way more in the U.S. than elsewhere. This could hit its economy hard

The cost of copper for U.S. buyers has rocketed after President Donald Trump said he would impose a 50% tariff on imports of the metal.

It means that already elevated prices are now even higher in the U.S. than elsewhere — and analysts warned of a hit to businesses and the wider U.S. economy as a result.

The U.S. imports just under half of its copper, which is used in products ranging from machinery, electronics and household goods to housing and infrastructure projects. Trump’s stated ambition is to increase domestic production, but experts say this will take years to ramp up and decades to fully meet demand — at a massive up-front investment cost.

Traders have been poised for a presidential announcement on copper duties since February, leading to major shifts in inventories away from Europe and Asia and into the U.S.

However, the rate and timing was unclear — and market participants say they remain so, given the ambiguity in official messaging this week, potential room for exemptions to be negotiated, and recent examples of swift policy changes from the White House. Commerce Secretary Howard Lutnick told CNBC Tuesday the duties would likely be implemented at “the end of July, maybe August 1.”