Trump's copper tariff is lower than expected, which has caught the market by surprise, causing US copper prices to plummet by 17%.

President Trump announced on Wednesday that the United States will impose a 50% tariff on copper pipes and copper wires, but the details of the taxation did not meet the expected comprehensive restrictions, and did not include copper ores, copper concentrates, and cathode copper and other copper raw materials. This unexpected move dragged down the price of American copper on the New York Mercantile Exchange by more than 17%, and eliminated the premium of American copper prices relative to the global benchmark copper prices in London in recent weeks. As a result of expectations of rising domestic prices in the United States, shipments are being diverted to the United States. Analyst Tom Price of London brokerage firm Panmure Liberum said, "After Trump made significant concessions to his import tariffs policy, the market is now busy repricing refined copper to much lower levels."