Copper Prices Jump After Trump Reciprocal Tariffs Struck Down

Copper prices rose after the Supreme Court of the United States struck down broad reciprocal tariffs imposed by US President Donald Trump, a move that had weighed heavily on global trade expectations.

The ruling, which investors had largely anticipated, found that the administration exceeded its legal authority when imposing sweeping tariffs on trading partners. The decision marks a setback for Trump’s trade strategy, which had relied on expansive tariff tools to pressure foreign exporters.

Copper prices gained as much as 1.3% in early trading before trimming gains later in the session, reflecting lingering uncertainty over future US trade policy.

Benchmark copper futures on the London Metal Exchange closed up 1.2% at $12,964 per metric ton, with all five major base metals traded on the exchange recording increases.

The rally followed a broader rebound in US equity markets, as investors reassessed the global economic outlook after the court ruling.

The reciprocal tariffs were considered a key component of Trump’s approach to trade disputes with major economic partners. The Supreme Court’s decision effectively limits the administration’s ability to deploy wide-ranging tariff measures under emergency trade powers.

The Bloomberg L.P. reported that the White House intends to replace the invalidated tariffs with alternative legal instruments. However, analysts say potential substitutes are likely to be either more complex to implement or more constrained in scope than measures previously authorized under US emergency economic legislation.

The ruling does not affect sector-specific tariffs that target aluminum, steel and copper imports on national security grounds.

Those targeted duties remain part of the administration’s industrial policy strategy, even as the broader reciprocal tariff framework faces legal and operational challenges.

Market participants are closely watching future policy signals, as global metal prices remain sensitive to US trade decisions and expectations surrounding industrial demand growth.