U.S. 50% Copper Tariff Triggers Historic 18% COMEX Plunge; Mining Giants Suffer Collective Meltdown

TradingKey - On July 30, local time, the White House announced that President Trump had signed an executive order imposing a 50% universal tariff on imported semi-finished copper and copper-intensive derivative products, effective from August 1.

This announcement follows a previous statement made on July 9, which declared that a 50% tariff would apply to all copper imports into the United States starting August 1. However, the latest announcement clarified that cathode copper, refined copper, as well as copper raw materials and scrap, are excluded from this tariff. Additionally, primary products such as copper ore will not be subject to these restrictions.

Following the news release, copper futures prices on the New York Mercantile Exchange (COMEX) plummeted sharply, with intraday losses reaching up to 18%.

Major global copper mining companies saw their stock prices dive as well; Freeport-McMoRan Inc. (FCX) dropped about 10%, Southern Copper Corporation (SCCO) fell over 7%, and Rio Tinto Group (RIO) declined nearly 5%.

Analysts have pointed out that these tariff measures are likely to drive up copper prices in the U.S., potentially putting upward cost pressure on industries reliant on these raw materials, such as automotive, electronics, and construction—especially in strategic sectors like electric vehicles and data centers.