US President Donald Trump’s deadline for 50% copper tariffs has ignited a global trade crisis, sending shockwaves through the $250 billion market. Industry veterans described it as the most profitable trade they’ve ever seen.
The sudden shift began in February when Trump ordered an investigation into copper imports. Shortly after, top Chinese metals executives received calls from major Western commodity traders, who were looking to buy large quantities of copper from China. The traders offered hefty sums to Chinese companies to cancel their existing supply obligations and free up the copper for sale.
This unexpected turn of events has left many in the industry stunned, as it marks a reversal of decades-long practice of selling copper to China rather than buying it.
Source: https://www.bloomberg.com/news/features/2025-07-11/trump-s-copper-tariffs-deadline-marks-end-of-once-in-a-generation-trade