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President Donald Trump implemented a 50% tariff on copper imports while exempting refined copper, the mainstay of international metal trade. The move is a significant policy shock that will likely disrupt copper supply chains, raise input costs for downstream manufacturers and industrial users, and increase volatility for miners, smelters and related commodity markets.

Analysis

President Donald Trump implemented a 50% tariff on copper imports while exempting refined copper, the mainstay of international metal trade. The move is a significant policy shock that will likely disrupt copper supply chains, raise input costs for downstream manufacturers and industrial users, and increase volatility for miners, smelters and related commodity markets.