Chile, Canada and Peru, top copper suppliers to the US, have submitted letters to the US Commerce Department stating that copper imports from their countries do not threaten US security interests and should not be imposed with potential tariffs, reported Reuters.
The potential tariffs, which are being evaluated under the national security provision of the Trade Expansion Act of 1962, have raised concerns among the countries, which together supply 94% of the US’ refined copper and copper alloys.
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The debate over US copper import tariffs comes amid an escalating tariff war and concerns over China’s influence in the global copper market.
With the Section 232 investigation due to be completed by November, the industry awaits the administration’s decision on the matter.
Freeport-McMoRan, a significant copper producer, has echoed the sentiments of the supplier nations. The company, with operations in the US, Chile, Peru and Indonesia, has advised against tariffs, suggesting they could harm the global economy.
The American Chamber of Commerce in Chile highlighted the economic benefits of Chilean copper imports to the US and warned that tariffs could inadvertently benefit China, the world’s largest copper consumer.
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By GlobalDataCanada’s Government and the country’s top mining group have similarly noted that free trade in copper supports US security efforts and that tariffs could give China a competitive advantage.
Peru’s Foreign Trade Ministry has also requested that the US exclude Peru from any restrictions, citing no security risks from its copper imports.
Meanwhile, US industry players have proposed alternatives to import tariffs, such as export controls on copper concentrate and scrap metal, to encourage domestic production, reported Bloomberg.
Rio Tinto and Southwire have called for regulatory reform and export restrictions as primary tools to grow the industry.
The Copper Development Association has sought exemptions from import tariffs for raw materials.
Trafigura, the world’s largest copper trader, has suggested imposing tariffs on manufactured copper products such as wire rod, tube and strip, but keeping refined copper imports tariff-free until new US mining and smelting capacity is developed.
Imports of steel, aluminium, copper and specific minerals not available in the US were exempt from the reciprocal tariff, effective from 5 April 2025.
