By Mark Burton
US President Donald Trump’s plans to place hefty import tariffs on copper have already caused a spike in costs for American factories, with New York futures trading 25% higher than other global benchmarks on Tuesday.
The fresh spike in US prices came after Trump said he planned to place a 50% tariff on copper imports, doubling down on a threat he first made in February to impose targeted levies on the crucial industrial metal.
A 50% tariff would match duties he has already imposed on steel and aluminum in a bid to revive US production, but it would take a particularly heavy toll on American factories, which rely on overseas suppliers for nearly half of the copper they buy.
For months, the price of copper in New York has been ratcheting higher as buyers have raced to stock up before the levies are imposed. In the process, input costs for American manufacturers have surged above prices that their rivals pay in the rest of the world. The disconnect reached unprecedented levels on Tuesday, as Comex futures spiked to trade at a 25% premium to the global benchmark set in London.
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