Ontario Construction News staff writer
U.S. President Donald Trump announced plans Tuesday to impose a 50 per cent tariff on copper imports. No implementation date has been set.
“Today we are doing copper,” Trump said during a cabinet meeting in Washington. “I believe the tariff on copper, we are going to make it 50 per cent.”
According to Natural Resources Canada, more than half (52 per cent) of Canada’s $9.3 billion in copper and copper-based product exports in 2023 were destined for the U.S. market.
While Canada ranks 12th globally in copper production, it holds less than one per cent of known global copper reserves. The U.S., by comparison, is a major producer, though still reliant on imported materials to meet domestic demand.
A tariff on copper could have ripple effects across the construction industry, where the material is used extensively in wiring, plumbing, HVAC systems and infrastructure.
Immediately following Trump’s announcement, Copper prices jumped 8.7 per cent to $5.47 per pound.
Canada’s Finance Minister François-Philippe Champagne responded on social media.
“A co-ordinated approach across jurisdictions would send a strong signal of unity and reinforce Canada’s resolve to secure fair treatment for our businesses and workers,” he wrote in a letter.
Meanwhile, Canadian officials are working to shield domestic industries from the impact of U.S. tariffs. Finance Minister François-Philippe Champagne on Tuesday urged provinces, territories, and municipalities to adopt procurement policies supporting Canadian steel and aluminum producers.
Last month feds enacted new federal procurement rules requiring the use of steel and aluminum from Canada or “reliable trading partners.”
