Global Commodities: 50% copper tariffs coming soon; now comes the copper hangover

The Trump administration announced plans this week to impose a 50% tariff on US copper imports beginning August 1st.  While the 50% level of copper tariffs exceeds our previous expectations, the timing is aligned with our base case and now solidifies a transitions for the copper market towards a period of payback after copper fundamentals were especially tightened by a very sharp pull-forward in US imports in 1H25.  Natasha Kaneva is joined by Greg Shearer to explore what this means for copper prices and fundamentals over 2H25.

Speakers:  

Natasha Kaneva, Head of Global Commodities Research

Greg Shearer, Head of Base and Precious Metals Research

This podcast was recorded on July 11, 2025.

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