The Trump administration started a new probe in February into possible new tariffs on copper imports to rebuild US production in semiconductors, electric vehicles, military hardware, etc. Goldman Sachs previously stated that US copper imports could increase by 50% to 100% for the following months due to higher US prices ahead of the Trump administration's proposed tariffs.

As a matter of fact, it's estimated that about 500,000 tons of copper are delivered to the US. While normally the monthly imports are around 70,000 tons. The result that such amount of copper being shipped to the US could surge copper prices to record highs. It will also likely lead to severely short of copper supplies for the biggest consumer China and the rest of the world.