President Donald Trump signed a proclamation imposing a 50% import tariff on copper pipes, tubes, wiring and other semi-finished products, while unexpectedly excluding input materials such as ores, concentrates, cathodes and scrap. The duties, justified on national-security grounds under Section 232 of the Trade Expansion Act, will apply from 1 August. The order also invokes the Defense Production Act to require that one-quarter of high-quality copper scrap produced in the United States be sold domestically, with the share set to rise in later years. The narrower scope upended trading that had bet on a blanket levy. U.S. Comex copper futures slumped as much as 20% on 30–31 July, touching about $4.45 a pound ($9,800 a metric ton) in the steepest one-day drop since at least 1968. The sell-off erased a premium that had swollen as high as $3,000 a ton above London Metal Exchange prices; by early Thursday the spread had collapsed to nearly parity, hovering near $100 a ton. Analysts said the move relieves copper-intensive manufacturers but offers little support to domestic miners such as Freeport-McMoRan, which had hoped for broader protection. The White House asked the Commerce Department to report on market conditions by June 2026, after which the president could consider a phased universal tariff on refined copper starting at 15%. In the meantime, traders expect excess inventories built ahead of the decision to weigh on prices worldwide.