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2025-07-29 15:20:41
Goldman Sachs says Trump's "mineral diplomacy" is the biggest risk in assessing the impact of copper tariffs] Goldman Sachs believes that the biggest risk to the impact of U.S. copper tariffs is that Trump may reach a deal to allow large amounts of tariff-free copper to flow into the United States. The United States plans to impose a 50% tariff on copper imports from Friday, but details remain scarce beyond information on this tariff rate. Goldman Sachs' base scenario is that a 50% tariff will be imposed on all copper products in the initial stage, but the bank's analysts also point out the risks posed by "mineral diplomacy" - that is, in order to protect overseas supply sources for U.S. manufacturing, the United States may reach an agreement through diplomatic means. "We believe that offtake agreements related to mineral diplomacy, or tariff exemptions for specific assets over which the United States believes it has sufficient control, pose an increasing risk to expectations of comprehensive tariffs," Goldman Sachs analysts Eoin Dinsmore and others wrote in the report.
