Chile is waiting for more details after U.S. President Donald Trump announced a 50 percent tariff on copper imports, leaving the world’s top copper producer unsure about how the policy will be applied.
Chile’s government said it had not received any formal communication about the new tariff and is still in contact with U.S. officials.
Copper futures in the U.S. rose more than 12 percent after the announcement. The United States accounts for less than 7 percent of Chile’s refined copper exports, with most of its shipments going to China, which leads in global copper refining.
Officials in Chile said they want clarity on which copper products are included in the proposed tariff and whether it would apply to all countries or just some. They also said it was too early to respond fully without knowing the details.
The head of Chile’s National Mining Society said the tariff could create market uncertainty and short-term price swings that may affect copper exporters. He said current high prices are likely the result of U.S. companies stockpiling ahead of the new duty and warned that the U.S. does not have the capacity to meet its copper needs on its own.
Chile, along with Canada and Peru, had previously opposed the U.S. investigation into copper imports and argued that their shipments should not be targeted.
The mining group also said demand for copper in the U.S. will continue to grow due to its use in electric vehicles, defence, energy systems, and consumer goods. Global supply, however, is becoming harder to increase.
Chile’s copper output has fallen to its lowest level in 25 years, and overall production worldwide is expected to remain flat this year.
The mining group estimates global copper demand will grow by around 3 percent in 2025, widening the gap between supply and demand.
