美国铜价暴跌20%！特朗普“50%铜关税”生变：豁免原矿产品，仅针对半成品

Group 1 - The U.S. copper market experienced its largest single-day drop due to President Trump's unexpected announcement to exempt refined copper imports from the planned tariffs, shocking traders [1] - Starting August 1, a 50% tariff will be imposed on semi-finished copper products from China, while refined metal imports will not be subject to such tariffs [1][4] - Following the announcement, copper futures prices on the New York Commodity Exchange plummeted by 20%, with U.S. copper prices previously being about 28% higher than the London Metal Exchange benchmark [1] Group 2 - The decision to exclude refined copper from tariffs is likely to disrupt global trade flows of this metal, which is crucial for the global economy due to its extensive use in wire manufacturing [4] - The significant increase in copper prices earlier this month was driven by the announcement of the 50% tariff, which was double what most market participants expected, leading to record-high copper prices [4] - The distinction in tariff policy between refined metals and semi-finished products was influenced by lobbying from the copper industry, as major companies believe the U.S. cannot immediately replace all imported copper [4] Group 3 - The U.S. Department of Commerce has suggested delaying the imposition of import tariffs on refined metals, with an initial rate of 15% starting in 2027, increasing to 30% by 2028 [5] - President Trump has instructed the Secretary of Commerce to submit a report on the U.S. copper market by June 2026 to determine the necessity of phased-in universal import tariffs on refined copper [5] Group 4 - The announced 50% import tariffs will apply to semi-finished products such as copper pipes, wires, bars, sheets, and tubes, as well as copper-based goods like fittings, cables, connectors, and electrical components [8] - Unprocessed goods, including copper input materials and scrap copper, will not be subject to these tariffs [8] - The tariffs will not be cumulative with the separate tariffs on automobile imports implemented earlier this year [8] Group 5 - The White House will require that 25% of high-quality copper scrap and various raw copper products produced domestically must be sold within the U.S. [9] - This export requirement is not expected to have a significant short-term impact, as approximately 40% of copper scrap and 75% of copper concentrate is already processed domestically [9] - U.S. copper producers, such as Freeport-McMoRan Copper & Gold Inc., saw significant stock price declines due to the policy undermining the U.S. copper price advantage, while major suppliers like Chile's state-owned Codelco may benefit from the decision [9]