Copper Prices Surge After Trump Says 50% Tariff Is Coming – Pharma And Chip Levies Next

President Donald Trump’s confirmation of a 50% tariff on copper imports sent U.S. copper futures and mining stocks – including Freeport-McMoran (FCX) and Southern Copper (SCCO) – sharply higher Tuesday. He also said that tariffs targeting the pharmaceutical and semiconductor sectors would be next on the docket.

“We’re going to be announcing pharmaceuticals, chips, and various couple of other things — big one,” Trump told reporters at a White House cabinet meeting. “Now today we’re doing copper… I believe the tariff on copper, we’re going to make it 50%.”

U.S. copper futures jumped more than 10% on the news, while Freeport-McMoran’s stock rallied nearly 5%. On Stocktwits, retail sentiment around Freeport-McMoRan edged higher within ‘bullish’ territory as chatter jumped to ‘high’ levels from ‘normal’ a day ago. 

Southern Copper’s stock also gained more than 1% following the announcement, and 

In February, the Trump administration launched a Section 232 investigation into copper imports, citing potential national security concerns. That probe is due to conclude by November.

During the cabinet meeting, Agriculture Secretary Brooke Rollins also raised alarms about Chinese ownership of U.S. farmland, calling it a “massive national security issue.” 

She said China has been acquiring land near U.S. military bases and urged Congress to ban such purchases. “There’s an executive order coming and some other things coming behind that,” she added.

Despite the tough stance on trade and foreign investment, Trump said U.S.-China relations remain stable. “They’ve been very fair on our trade deal, honestly,” he said, adding that he maintains regular communication with Chinese President Xi Jinping. “I’m getting along with President Xi very well. We speak often.”

Markets remained mixed after Trump’s cabinet meeting. The SPDR S&P 500 ETF (SPY) edged 0.05% higher, while the SPDR Dow Jones Industrial Index ETF (DIA) remained down by 0.27%. Meanwhile, the Invesco QQQ Trust Series 1 (QQQ), which tracks the tech-heavy Nasdaq 100, gained 0.2%. 

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Read also: Trump Says EU Trade Deal ‘Two Days Off’, Predicts $300B In Tariff Revenue By Year-End