Insight
US President Donald Trump amends tariffs on steel, aluminium and copper imports
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The policy shifts the minimum local metal content to 85% by weight for capital equipment to qualify for a preferential 10% duty rate. Crucially, the exemption for primary, refined copper cathode remains untouched, leaving a major structural hole in domestic raw metal policy. This report delivers an immediate impact assessment of the June 2026 White House proclamation on physical metals trading, domestic manufacturing compliance, and the COMEX-LME spread.
Table of contents
- The facts
- Our take
- A deliberate weight bias?
- What happens next
Tables and charts
This report includes the following images and tables:
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Copper 3-month COMEX / LME arbitrage has widened over the past month
What's included
This report contains:
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