谢夫乔维奇还说："协议明确表示，我们将在钢铁、铝、铜及其衍生品领域采取联合行动，我称之为'金 属联盟'。"据称，建立该联盟是为了减轻所谓"受补贴"的中国产能对全球市场的影响。路透社说，谢夫 乔维奇所称的上述配额制度尚未最终确定。 美欧之间围绕钢铝产品的贸易争端由来已久。美国总统特朗普第一任期内就以国家安全为由对全球包括 欧盟在内的钢铁和铝产品加征关税，双方就此进行了反复交涉。今年2月10日特朗普签署行政令，自3月 12日起对所有进口钢铁和铝产品征收25% 的关税，6月4日又将这一关税从25%提高至50%。欧盟对此深 表遗憾，并表示将继续谈判。 【环球时报报道 记者 倪浩 马彤】当地时间7月27日，美欧宣布达成贸易协议，但这一框架协议中诸多 细节仍模糊不清。综合外媒报道，美国商务部长卢特尼克表示，欧盟方面希望将钢铁和铝纳入讨论范 围，而这些产品目前不在协议覆盖范围内。但欧盟委员会主席冯德莱恩称，美欧同意建立一项配额制 度，将使部分欧盟钢铝关税保持在较低水平，称之为"金属联盟"。 商务部研究院研究员周密30日在接受《环球时报》记者采访时表示，欧盟拉美国建立所谓"金属联盟"并 单独制定适用的贸易安排，其性质显然是保 ...

Core Viewpoint - The U.S. plans to impose tariffs of up to 50% on copper imports, creating significant uncertainty in the market and potentially altering global metal trade dynamics, especially with Chile seeking exemptions and the emergence of a "metal alliance" between the U.S. and Europe [1]. Group 1: Tariff Impact on Copper Prices - Following the announcement of the copper tariffs, copper prices surged by 13% to $5.6855 per pound, reaching a historical high not seen since 1968 [1]. - As of now, COMEX copper contracts are priced at approximately $5.63 per pound, while LME three-month copper prices are significantly lower at $4.44 per pound, indicating a widening arbitrage opportunity [2]. - If no exemptions are granted and tariffs are fully implemented, StoneX predicts that the arbitrage gap will further increase, maintaining high U.S. copper prices in the medium term [2]. Group 2: Supply Chain Dynamics - The U.S. relies heavily on copper imports, with a dependency rate of 44%, meaning any supply disruptions could lead to further price increases [2]. - There has been a notable increase in U.S. copper imports, which surged by 129% year-on-year in the first half of the year, leading to a significant rise in inventory levels [2]. - The global copper supply remains tight, but inventory distribution is highly uneven, which may lead to price pressures as the effects of "front-loading" imports are expected to unwind by the second half of 2025 [2]. Group 3: International Trade Relations - The European Union is also seeking exemptions from U.S. tariffs on steel, aluminum, and copper, with discussions aimed at establishing a "metal alliance" that would create a protective economic framework [3]. - Under the proposed "metal alliance," EU steel and aluminum exports may receive certain duty-free quotas, while copper tariffs are still under evaluation, with expectations that they will not exceed 15% [3]. - Despite potential tariff impacts, the long-term outlook for copper remains bullish due to increasing demand driven by AI data center expansions and global electrification efforts [3].