Trump is planning to impose a 50% tariff on imported copper. Goldman Sachs warns that the difficulty of copper breaking through ten thousand is increasing.

Goldman Sachs said on Wednesday that after US President Trump announced a 50% tariff on copper imports to the United States, it is expected that copper shipments to the US will accelerate in the coming weeks. It is reported that as early as February of this year, Trump hinted at the possibility of imposing tariffs on copper imported to the US. Since then, global traders have shipped record amounts of copper to the US in order to position themselves ahead of the tariff implementation. On July 8th local time, US President Trump stated that a new 50% tariff will be imposed on all copper imported into the US, but did not reveal the specific effective date of the new tariff. Trump said during a cabinet meeting at the White House on that day, "I think we're going up to 50% on copper." According to reports, US Commerce Secretary Lutnick said after the cabinet meeting that the Commerce Department has completed an investigation into copper imports and he expects the new tariff to be implemented "possibly by the end of July or August 1st." Goldman Sachs said in a report, "We are adjusting our expectations for the tariff baseline on US copper imports from 25% to 50%. We still maintain our recommendation for the December 2025 New York copper-London copper spread trade position." The bank maintains its forecast for London copper in December 2025 at $9,700 per ton, but now believes the possibility of London copper breaking $10,000 per ton in the third quarter has decreased. Goldman Sachs predicts that London copper prices will only experience a moderate decline seasonally, as markets outside the US are still expected to face supply shortages, and the process of digesting US inventories and alleviating other market tightness is expected to gradually unfold from the end of the third quarter of 2025. At the time of writing, London copper futures prices fell by 2%, to $9,607.40 per ton. New York copper futures prices also fell by more than 2% after surging about 13% on Tuesday, to $5.539 per pound.