Trump’s Copper Tariff Alarms U.S. Manufacturers He Vowed To Help

President Donald Trump’s proposed 50% tariff on copper imports—and a 200% levy on pharmaceuticals—has rattled U.S. manufacturers, raising concerns about rising costs across multiple industries, Brian Swint reported for Barron’s Daily.

Copper prices spiked in the U.S. following the tariff news.

Despite the dramatic announcement, stock markets barely reacted, finishing flat. Investors seem to be betting that Trump will either walk back or water down the tariffs, a pattern dubbed the “TACO” trade—short for “Trump Always Chickens Out.”

However, recent moves suggest that belief may be misplaced. Copper prices spiked in the U.S. following the tariff news.

The country produces only about half the copper it consumes, and ramping up domestic supply is not easy.

The tariff could drive up prices for copper-intensive industries like construction, electronics, and energy—contrary to Trump’s pro-manufacturing rhetoric.

Trump delayed a broader tariff rollout in April due to pressure from bond markets. But with markets calmer now, industry pushback—particularly from copper-reliant sectors—could be the next test of his resolve.