President Donald Trump announced Tuesday a 50% tariff on Canadian copper, another key metal export. The impacts on Canada’s economy could be far-reaching, similar to prior tariffs on steel and aluminum.

"Today we are doing copper," Trump told reporters during a cabinet meeting. "I believe the tariff on copper, we are going to make it 50 per cent."

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He intends to issue an executive order within days to enact copper tariffs by late July or August 1, according to the National Post.

PMO spokesperson Audrey Champoux said an official response would be forthcoming once more details emerge.

Pending sudden change, this unexpected news will impact Canada's copper industry, which, like its steel and aluminum, sends much of its product to the U.S. and is subject to 50% tariffs.

On June 4, President Trump doubled Section 232 steel and aluminum tariffs to 50% on nearly all imports, including Canada, citing national security.

Copper is vital for electronics, computer chips, industrial machinery, cars, military technology, and telecommunications.

In 2023, Canada exported $9.3 billion in copper and copper products, with over half going to the United States.

Canada is also the largest supplier of steel and aluminum to the U.S., though it also imports a significant amount of steel from its southern neighbour.

Canada's mineral and metal exports, including over $20 billion in iron and steel, constituted 6% of the nation's GDP in 2023.

Trump utilized tariff threats as a bargaining chip to secure fair access to foreign markets for the U.S. and incentivize companies onshore. Yesterday, future contracts for American copper jumped 13% to an all-time high.

He earlier imposed global tariffs on aluminum, steel, and Canada and Mexico due to fentanyl and illegal immigration, but recently cut China tariffs from 145% to 30% after a deal where China lifted rare earth element export restrictions.

Canada cancelled its digital services tax on June 29 after Trump ended trade negotiations due to the levy on U.S. tech companies like Amazon, Google, and Netflix.

The White House moved its deadline for new international trade deals from July 9 to August 1, according to the Epoch Times.

Prime Minister Mark Carney has been in direct talks with Trump to secure a new economic and security agreement with the United States. He has delayed imposing U.S. tariffs of 50% on steel and aluminum, but these could come on July 21 if no agreement is reached. 

U.S. envoy Peter Hoekstra couldn’t confirm this deadline and stated Canada will likely face tariffs regardless.

It's uncertain if Canada will retaliate.

The premiers of Ontario and Quebec, Canada’s major metal producers, say the tariffs are having a major negative impact on their economies, leading to job losses. Copper tariffs further extend this economic impact to British Columbia and Newfoundland and Labrador.

Business leaders cautioned that tens of thousands of jobs were at risk, Blacklock’s reported. An April CBC report predicted 17,700 job losses this year in the metal industries.