The levy injects fresh turmoil into a strained bilateral relationship and is a setback as Prime Minister Mark Carney negotiates a new economic partnership with the U.S.

London copper prices fell as markets digest Trump’s larger-than-expected 50% tariff on copper imports. BMI expects the tariff to be reversed at some point.

In 2024, the U.S. imported almost half of the copper it used, according to a December 2024 U.S. geological survey. Most of the imported copper came from Chile, the survey found. “This 50% TARIFF will reverse the Biden administration’s thoughtless behavior,

The dollar rose and Commerzbank said since Trump is announcing the tariffs in increments, the market seemed to be coping better than it did in April—when steep levies were unveiled at once.