囤了几个月精炼铜后，被特朗普豁免进口关税，美铜期货暴跌20%

Core Insights - The U.S. government has implemented a 50% tariff on imported semi-finished copper products and copper-intensive derivatives, while excluding raw copper materials and scrap copper from these tariffs [1][4] - Following the announcement, U.S. copper prices dropped approximately 20%, contrasting with prior expectations of broader tariffs on all copper products [1][4] - The White House justified the tariffs by stating that excessive copper imports threaten U.S. industry and national security, but did not clarify the exclusion of raw copper materials [4] Group 1: Tariff Implementation - The tariff policy specifically targets semi-finished copper products such as copper pipes, wires, rods, and sheets, as well as copper-intensive derivatives like fittings, cables, connectors, and electrical components [1] - Raw copper materials, including copper ore, concentrates, blister copper, cathodes, and anodes, are not subject to the tariffs under the Section 232 provisions [1][4] Group 2: Market Reactions - U.S. copper futures prices had previously surged about 28% above those on the London Metal Exchange due to anticipatory buying by U.S. buyers expecting high tariffs on all copper products [4] - The immediate aftermath of the tariff announcement saw a significant decline in U.S. copper prices, reflecting market adjustments to the new policy [4] Group 3: Industry Perspectives - Industry representatives had lobbied against broad tariffs, arguing that the U.S. lacks sufficient capacity to replace all copper product imports, particularly raw materials [4] - Analysts suggest that the tariff policy may disrupt global copper product trade flows, with previously stockpiled copper products in the U.S. potentially being re-exported [4] Group 4: Future Considerations - The White House has indicated that tariffs on refined copper may be considered in the future, with a proposed phased tariff structure starting at 15% in 2027 and increasing to 30% by 2028 [5] - The U.S. Commerce Department has been tasked with providing an updated assessment of the copper market by mid-2026 to determine the necessity of further tariffs [5]