The White House has not made a final decision on tariffs covering refined copper, including cathode, or copper concentrate produced at mines. Officials are balancing the potential benefits of encouraging U.S. mining, smelting and refining against the risk that more expensive copper would raise costs for manufacturers and undermine the administration's affordability message ahead of November's midterm elections. Copper prices have reached records as traders and industrial buyers build U.S. inventories ahead of possible duties, tightening supply available to international markets. The Commerce Department provided President Donald Trump with an update by the June 30 deadline, but it was not immediately clear what Commerce Secretary Howard Lutnick recommended. Trump had asked for a recommendation on a 15% tariff beginning January 1, 2027, rising to 30% in 2028. The United States imports roughly half of its copper needs, has only two operational copper smelters, and has seen refined copper imports increase 16-fold since 2015 while domestic production fell 20%. S&P Global expects AI and defense-sector growth to lift global copper demand 50% by 2040. The administration has also backed projects including Resolution Copper in Arizona and Twin Metals in Minnesota and moved to ban electronic-waste exports containing copper.