After the close, Trump signed an executive order to investigate potential tariffs on copper imports with a 270-day deadline, citing national security concerns as the country becomes more reliant on copper imports.

Like the potential steel and aluminum tariffs, a tax on American copper imports would negatively impact Canada, as the U.S. is the dominant end market for our exports.

The downstream impacts of a copper tariff would be broad-based, given the metal’s importance in manufacturing and electrification.