President Donald Trump has imposed a 50% tariff on semi-finished copper products, covering imports that were valued at more than $15 billion last year. The move represents the administration’s first direct action against the metal and extends its broader campaign to reshape U.S. trade policy through higher duties. A notice in the Federal Register lists wires, tubes and rods among the items subject to the levy and instructs officials to produce within 90 days a plan to expand duties to additional copper-intensive goods. The United States imported about 600,000 tonnes of semi-finished copper in 2024 and a further 900,000 tonnes of refined copper, the latter remaining exempt from the measure. The White House argues the tariff will spur domestic processing, yet the country operates only two copper smelters and faces comparatively high energy costs. "All we’ve done is embed a more inflationary environment," Anglo American Chief Executive Officer Duncan Wanblad said, calling the policy "very challenging" for miners and manufacturers. Economists warn that higher input costs for electrical wiring, appliances and automobiles could filter through to consumer prices. Yale University estimates the overall effective U.S. tariff rate has climbed to 18.6%, its highest level since 1933, lifting the price level by roughly 1.8%—the equivalent of a $2,400 hit to average household income this year. Retailers have already begun adjusting prices, contributing to expectations of a pickup in July core inflation.