Using trade data for the January to May period and bills of lading data for June, analysts at Macquarie estimate U.S. copper imports totalled 881,000 metric tons in the first half of this year compared to an underlying requirement of roughly 441,

Copper shipments into the United States are expected to accelerate in the coming weeks in a final scramble to get metal across the border before U.S. President Donald Trump's higher than expected 50% tariff on imported copper takes effect.

“The U.S. has been sucking in lots of copper that it didn’t really need from around the world,” Albert Mackenzie is a copper analyst at Benchmark Mineral Intelligence. President Trump had signaled that the tariffs were coming months ago, prompting many U.S. buyers to stockpile copper ahead of time.

President Donald Trump said on Tuesday his administration would soon be imposing a new 50% tariff on copper, though he left the exact details unclear. Commerce Secretary Howard Lutnick told CNBC that the tariffs would likely take effect later this month or early August.

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"The big money will start coming in on Aug. 1, I think that was made clear today," Trump told reporters. He then turned to Treasury Secretary Scott Bessent, who estimated that the United States could collect more than $300 billion in tariff revenue by the end of the year,

Trump said on Tuesday that he would impose a 50% tariff on copper. Though the remarks were light on specifics, his comments sent the metal to all-time highs.