Charted: Where the US Gets Its Copper
The 50% trade levies are going to impact nearly half of American copper use
Beyond being the go-to cup for Moscow Mules in the heat of summer, copper is often described as the “metal of electrification.” Seventy percent of all copper used globally is for electrical applications, including power projects, electric vehicles and data centers.
The International Energy Agency forecasts copper demand to jump by more than a third between now and 2050. Last year, global copper demand hit 27 million tonnes, and the IEA projects the world will need 37 million tonnes by 2050.
Tariff man: Earlier this month, US President Donald Trump announced 50% tariffs on copper imports, with more than 95% coming from just four countries: Chile, Peru, Canada and Mexico.
This is likely to result in more expensive energy, with copper being one of the most resource-intensive materials used for both renewable and conventional power.
Alternative take: Depending on how they’re collected and used, tariffs could be passed on to consumers as tax breaks. Tariffs have yet to show up in inflation data in the way many initially feared.
Written by Aaron Foyer, Vice President of Research and Analytics at Orennia
✉️ As always, feel free to reach out to me at aaron.foyer@orennia.com