The US will implement a 50% tariff on copper imports, expected to take effect by the end of July or on August 1.

During a press conference, Chilean Foreign Minister Alberto van Klaveren said that Chilean copper will continue to find new markets to avoid the impact of the tariffs. Chile is the largest copper supplier to the US, which accounts for approximately 11% of Chile’s total copper exports and less than 7% of its refined copper exports.

Mexican President Claudia Sheinbaum said that Mexico will seek the best possible outcome in negotiations with the US while also exploring alternative export destinations.

The new copper tariff might lead to a surge in copper shipments to the US before it takes effect.