Trump weighs refined copper import tariffs, with options including 15% from January 2027

The Trump administration is evaluating whether to impose tariffs on refined copper imports, with a decision expected within weeks and options including a phased levy starting at 15% in January 2027, rejecting the plan, or delaying it. The prospect has kept Comex copper trading at a premium to the London Metal Exchange, encouraging arbitrage trades. If approved, tariffs would lift US copper prices and favor producers with US operations such as Freeport-McMoRan; if ruled out, metals could flow back out and prices may pull back.