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Chile, the world's largest copper producer, demands clarity from the US on tariffs
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Release time：2025-07-11
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Chilean President Gabriel Boric stated on Wednesday that the Chilean government is awaiting an official statement from Washington regarding a proposed US tariff on copper. This follows President Donald Trump's announcement of his intention to impose a 50% tariff on imported copper.
According to local media outlet Emol, Boric told reporters: “We are waiting for official communication from the US government regarding this policy—whether it includes cathode copper, what the restrictions are, and whether it will actually be implemented.”
Previously, Codelco, the world's largest copper producer, stated that it was in a "wait-and-see" mode due to the lack of clarity. Chairman Máximo Pacheco said the company first needed to know which copper products would be included and whether the tariff would affect all countries. “What we need to understand is what this is all about. Which products will be affected? Because (Trump) only mentioned copper generally. But copper covers a wide variety of products,” Pacheco told Reuters on Tuesday. “Then we have to see if this applies to all countries or only some. We have always known there would be exceptions, so I think it's too early to comment,” he noted. Chile is the largest copper supplier to the US, while the US market accounts for less than 7% of Chile's refined copper exports. In 2024, Chile exported approximately $5.72 billion worth of copper to the US market, with China remaining its primary customer.
Mexico, the fifth-largest refined copper supplier to the US, stated that it may redirect its shipments to avoid the Trump administration's tariffs. Mexican President Claudia Sheinbaum said at a daily press conference in Mexico City: “There are many places around the world that need copper, so there are options.”
Despite the uncertainty, the copper industry is striving for swift action. Benchmark Mineral Intelligence warned that producers are unlikely to ship copper to the US fast enough to avoid the tariffs, as journeys from Chile typically take more than 20 days. European miners face similar logistical hurdles. In anticipation, US importers have been bringing in copper ahead of schedule in recent months. In the first four months of 2025, the US imported 461,000 tons of copper, an increase of 232,000 tons and 148,000 tons compared to the same period in 2024 and 2023, respectively.
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