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,

U.S. President Donald Trump’s tariff letters show that tariffs — to protect domestic industries and to raise revenue for a deeply indebted government — are the way forward. The U.S. is moving toward more managed trade via quotas and other measures.

Trump insiders maintain that it would make little sense — politically or from a policy standpoint — for the president to offer any further extensions on trade.