White House Copper Tariff Delay Costs U.S. Tech Makers

The White House missed its June 30, 2026 deadline to decide on tariffs for refined copper, leaving U.S. tech manufacturers to face record COMEX prices that already function as a de facto import duty without any formal policy being enacted. The stall stems from a political dilemma ahead of November's midterms: imposing duties on refined copper would raise input costs for semiconductors, EVs, and AI infrastructure, while abandoning the tariff framework would alienate domestic producers. Markets have priced in tariff risk regardless, with COMEX inventories hitting a record 676,104 metric tonnes as traders front-run a potential decision. The U.S. operates only two copper smelters—Kennecott in Utah and Freeport-McMoRan's Miami Smelter in Arizona—supplying roughly half of national demand, with new mines requiring 16-17 years to develop. Any tariff imposed today cannot produce additional domestic cathode before the mid-2040s, leaving manufacturers to absorb elevated costs with no near-term substitute available.