U.S. President Donald Trump’s Tuesday threat to place 50 per cent tariffs on copper imports starting in late July or Aug. 1 has roiled markets. U.S. copper futures contract prices hit record highs Tuesday according to S&P Global, but fell nearly three per cent in New York on Wednesday. (CNBC, The Logic)

Talking point: The move could put Canadian copper producers at a price disadvantage. The U.S. is the largest importer of Canadian copper products, purchasing about 52 per cent in 2023; the country only has two copper smelters of its own. Canadian companies also own stakes in some of the world’s biggest copper mines in Chile and Peru, which are the United States’ biggest and third-biggest copper import sources, respectively. Nearly half of Canada’s copper concentrate comes from British Columbia. Shares of Toronto-listed mining firms Teck Resources and Lundin Mining fell about one and two per cent, respectively on Wednesday.