The US President's copper imports investigation has contributed to rapidly escalating global trade tensions. The metal is a vital component in a number of products, and is also important for the green transition.

Copper futures climbed after President Donald Trump signed an executive action directing the Commerce Department to examine possible tariffs on the metal.

An executive order mandates a review of the threats posed by over-reliance on foreign copper, and recommendations for increasing domestic supply.

The U.S. mined about 1.1 million tons of copper in 2024, which is less than the demand in a year. Some of that copper is refined overseas.

Doctor Copper has been trying to price in the potential for U.S. import tariffs since late January, when President Donald Trump first included the metal on his tariff wish list along with steel and aluminium.