During a Cabinet meeting on July 9, President Donald Trump announced that the U.S. will impose a 50% tariff on all copper imports, though specifics of the implementation are still unclear.

Commerce Secretary Howard Lutnick indicated that the tariff could take effect by the end of the month, or possibly by Aug. 1, according to various media outlets.

Following the announcement, U.S. Comex copper futures surged over 12%, reaching an all-time high since it’s been tracked, before retreating mildly by Wednesday morning. National media coverage conveyed that the move surprised the industry both in terms of its timing and the sharpness of the increase.

Copper plays an integral role in sectors such as construction, infrastructure, transportation and electronics. According to media reports, the U.S. imports approximately half of its annual copper demand and operates only three copper smelters domestically.

The countries likely to be most impacted by the new tariff include Chile, Canada and Mexico — the leading exporters of refined copper, copper alloys and related products to the U.S. in 2024, based on U.S. Census Bureau figures.

In addition to the copper announcement, the president issued letters on July 7 setting tariffs of up to 40% on imports from more than a dozen countries, with an effective date of Aug. 1 instead of the previously reported July 9.

Hours after stating that the deadline was “not 100% firm,” he posted on social media that no extensions would be granted beyond August.

In a follow-up post on Truth Social on July 8, he said tariff details for seven additional countries would be released Wednesday morning, with more information to come in the afternoon.