US copper imports could rise by up to 100% in the coming months as traders rush to capitalize on higher domestic prices ahead of potential tariffs, Goldman Sachs said in a note earlier this week. The bank cited a widening price gap between US and global copper prices, triggered by the Trump administration's investigation into copper imports for national security reasons.
The United States is likely to impose a 25% tariff on copper imports by the fourth quarter of 2025, up from an effective 11% currently priced into the market, Citi analysts said in a note on Thursday. The move, previously mentioned by former President Donald Trump, is expected to weigh on US copper consumption and prices from the second quarter of 2025, with broader reciprocal tariffs flagged from April 2, the bank said.