铜幸免于难、铝在劫难逃，特朗普关税大棒为何“厚此薄彼”？

Core Viewpoint - The Trump administration's decision to exempt refined copper from import tariffs while imposing a 50% tariff on aluminum reflects differing industry lobbying efforts and the economic importance of each metal to U.S. manufacturing [1][3][5]. Group 1: Tariff Decisions - Effective August 1, the U.S. will impose a 50% tariff on copper semi-finished products like copper wire and pipes, but refined copper, including cathodes and anodes, will be exempt [1]. - Following the announcement, U.S. copper prices dropped over 20%, contrasting with the ongoing 50% tariff on imported aluminum since June [1]. Group 2: Industry Lobbying - Major copper producers, such as Freeport-McMoRan, lobbied for the exemption, emphasizing the critical role of refined copper in U.S. manufacturing and warning that tariffs could harm domestic copper production [3][5]. - In contrast, U.S. aluminum producers, like Century Aluminum, have actively supported the high tariffs, arguing they are essential for protecting domestic aluminum smelting capacity [4]. Group 3: Economic Factors - The disparity in electricity costs between aluminum and copper production significantly influences the trade protection policies. Energy costs account for approximately 50% of primary aluminum production costs and about 30% for copper [7]. - U.S. aluminum smelters face higher electricity costs compared to their counterparts in countries like the UAE and China, which strengthens the aluminum industry's case for trade protection [7].