U.S. tariffs on copper imports could arrive within weeks. In February, President Donald Trump directed the U.S. Commerce Department to conduct an investigation, giving this executive department a nine-month deadline.

Per a Bloomberg report, the investigation is seen as "little more than a formality.” An announcement is likely to come well ahead of the November deadline.

The proposed tariffs, which could reach as high as 25%, would shift the global copper market. The US is a major copper consumer, needing between 1.7 and 1.9 million metric tons annually. Yet, it produces less than half of that, relying on Chile, Canada, and Peru for 90% of its imports.

The looming tariffs have triggered a surge in U.S. copper imports, as traders rush to front-run potential duties. According to Mercuria, around 500,000 metric tons of copper are en route to the U.S. That far exceeds the usual monthly average of 70,000 tons, Reuters noted.

This situation has driven up prices on New York's COMEX exchange, where copper trades at a record $1,400 premium over the London Metal Exchange (LME) benchmark. Unforeseen circumstances further tightened the supply, as Glencore paused its major Chilean copper smelter after experiencing furnace issues.

Trump, however, has remained vague on the timing of the tariff announcement. On March 5, he mistakenly implied that copper tariffs were already in effect, saying, "I imposed a 25% tariff on foreign aluminum, steel, lumber, and copper."

Besides this slip, he remained vague about potential tariff exceptions ahead of the April 2 announcement, touted as a "Liberation Day" for US trade policy. First, he took a strict tone against tariff exceptions, before softening the stance in a Tuesday interview for Newsmax,

"I'll probably be more lenient than reciprocal because if I was reciprocal, that would be very tough for people," he said, according to CNBC.

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