The copper market got the tariff right but the products wrong. U.S. President Donald Trump’s proclamation “to address the effects of copper imports on America’s national security” was not what traders were expecting. There will be 50-per-cent tariffs on copper imports effective Friday but only on semi-manufactured products such as wire and tube. Refined copper is excluded, at least until January, 2027, when a tariff may be phased in if warranted. The tariff trade, which has defined the copper market since February, has imploded. The CME’s U.S. contract plummeted by more than 20 per cent on the news, wiping out the ... (full story)