以下文章来源于紫金天风期货研究所 ，作者有色组 紫金天风期货研究所 . 紫金天风期货研究所官方订阅号 欢迎加入交易理想国知识星球 文 | 刘诗瑶 来源 | 紫金天风期货研究所 编辑 | 杨兰 审核 | 浦电路交易员 引言 美国总统特朗普7月8日表示，将对从海外进口的铜及铜相关产品征收50%的额外关税。还将对药品及药品原料征收200%的额外关 税，但将设置一年以上的缓冲期。特朗普表示这两项措施均会在近期正式公布。 白宫讨论的这些额外关税，依然是依据美国《贸易扩展法》第232条，如果实际启动，将成为继汽车、钢铝制品之后又一项按领域 征收的关税。 预计征税对象不仅包括铜本身，还将涵盖铜线、铜废料以及含铜产品等衍生品，但不包括铜精矿，也不包含用铜终端如家电、电子 等板块。 消息公布后， COMEX铜期货三连涨，触及5.89美元/磅，刷新历史高位。而LME铜期货价格则震荡承压，一度快速回落至9553美 元/吨，随后有所反弹。国内沪铜主力合约测试78160元/吨低位后小幅回升。 为什么是铜？ 首先，我们要弄清，为什么美国要加铜关税？大致来看，美国每年生产大约80-85万吨精炼铜，但消费量却高达160万吨。这一缺口完 全依 ...

Group 1 - The U.S. announced a 200% tariff on imported pharmaceuticals and a 50% tariff on copper and related products, aiming to boost domestic production and supply chain adjustments [1][2] - The pharmaceutical import value for the U.S. is projected to reach $246.8 billion in 2024, accounting for 7.6% of total imports, with the U.S. pharmaceutical market size expected to be $797.8 billion, representing over 40% of the global market [1] - Major pharmaceutical companies like Merck and Novartis are planning investments in response to the tariffs, with a total of $166 billion in new investments announced by six well-known companies since 2025 [1] Group 2 - Japan's pharmaceutical exports to the U.S. are projected to be 411.4 billion yen in 2024, making up 1.9% of total exports to the U.S., with companies like Takeda planning to invest $30 billion in the U.S. over the next five years [2] - Takeda's U.S. operations account for half of its consolidated sales, and the company is implementing measures to manage the impact of tariffs on imported products [2] - The unexpected high tariff on copper led to a 17% increase in copper futures prices, reaching approximately $13,000 per ton, marking a historical high [2][3] Group 3 - The U.S. is heavily reliant on copper imports, with over 40% of its consumption expected to come from abroad in 2024, and plans to increase domestic production by 70% by 2035 to reduce import dependency to 30% [3] - The high copper tariffs are seen as a strategic move considering China's position as a major copper producer, with Chile being the largest source of U.S. copper imports [4] - There are discussions about the potential impact of tariffs on U.S. investments in South American copper mines, which are partly funded by Japanese companies [4]