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2025-07-31 07:09:20
[Trump's copper tariffs were less severe than expected, surprising the market and sending U.S. copper prices plummeting 17%] U.S. President Trump said on Wednesday that the United States would impose a 50% tariff on copper pipes and wires, but the details of the tax fell short of the expected comprehensive restrictions, and did not include copper raw materials such as copper ore, copper concentrate and cathode copper. The unexpected move dragged down U.S. copper prices on the New York Mercantile Exchange (COMEX) by more than 17% and eliminated the premium of U.S. copper prices over the London global benchmark copper price in recent weeks. Cargoes were diverted to the United States in anticipation of higher domestic prices in the United States. Tom Price, an analyst at London brokerage Panmure Liberum, said: "After Trump made a major concession on his import tariff policy, the market is now busy re-pricing refined copper to a much lower level."
