Commodities

US Copper Plunges as Trump Tariffs Exclude Refined Metal

Why Trump Unleashed Tariff Chaos

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By Yvonne Yue Li, Jack Farchy, and Joe Deaux

July 30, 2025 at 2:12 PM EDT

Updated on

July 30, 2025 at 4:33 PM EDT

The US copper market suffered its largest intra-day fall on record after President Donald Trump shocked traders by exempting the most widely imported form of copper from his planned tariffs.

Tariffs of 50% will apply to imports of semi-finished copper products from Aug. 1, but not to imports of refined metal, the White House said on Wednesday.