Media: US set to impose copper tariffs sooner than expected

US President Donald Trump’s administration is accelerating its investigation into potential copper tariffs, with a decision expected to come within weeks, ahead of the original deadline, sources familiar with the matter have revealed.

In February, Trump directed the US Commerce Department to open a formal investigation into the need for copper tariffs, with a deadline of 270 days for a final report. However, sources indicate that the review is progressing quickly, and a conclusion could be reached well before that timeframe, Caliber.Az reports, citing foreign media.

Some insiders suggest that the investigation is largely a formality, as Trump has repeatedly expressed his intent to impose tariffs on copper imports. The administration is moving "expeditiously," and an announcement may come sooner than initially expected, according to officials who spoke on condition of anonymity.

The White House declined to comment on the matter, but White House trade adviser Peter Navarro previously indicated that the investigation would be fast-tracked. "You will see our new secretary of commerce, Howard Lutnick, will move in what I like to call Trump time, which is quickly as possible to get results of the investigation on the president’s desk for possible action," Navarro stated in February.

Trump has threatened to impose a 25% tariff on all copper imports, a move that could significantly disrupt the global market for copper, which is widely used in construction, electronics, and electrical cables. If implemented, the tariffs could exacerbate price volatility, as copper prices in New York have already surged following Trump’s initial comments about the possibility of tariffs in January.

The potential tariffs come as copper prices in New York have traded at a premium over international benchmarks, creating a rush among traders to ship the metal to the US. The price difference has created shortages in key markets, particularly in China, one of the world's largest copper consumers.

The move to fast-track the copper tariff decision contrasts with the lengthy processes that preceded Trump’s previous tariffs on steel and aluminum during his first term, which took nearly 10 months to finalize.

Analysts from Goldman Sachs and Citigroup have forecasted that the US is likely to impose a 25% copper tariff by the end of the year. Trafigura, the world’s largest copper-trading firm, has predicted that the price of copper could rise to $12,000 per ton, up from the current price of around $10,000.

By Vugar Khalilov