In a note the copper service of Benchmark Mineral Intelligence points out that if implemented (and that remains a big if because Trump tied the sanctions to border security) these tariffs will have reverberations not only across the copper value chain but also for end-use copper demand in the region. More so should Canada and Mexico decide that retaliation is the only option that remains.
While dwarfed by the energy and crude oil trade between the two countries Canada is a major supplier to the US copper market. Given its widespread use, disruptions to copper supply could have many downstream effects, particularly in the automotive sector which constitutes the third largest portion of the more than $900 billion US-Canada yearly bilateral trade.
According to Benchmark US imports of refined copper in 2023 totalled 767kt and in this year through September 2024, were at around 691kt. Most of the imports are from…
