“We made about a 25% reduction” from previous buying levels once the news broke, he said, adding that the company also cancelled pre-existing orders when possible. For the shipments that weren’t cancelled, Desai predicts they will largely end up sitting in stockpiles because customers are “leery” about buying products now.
Donald Trump’s moves to slap tariffs on US copper imports set off a global race for traders to rush cargoes into the country for much of the year. Now that the 50% levy is just weeks away, there are already signs that demand for the metal is drying up from Texas to New Jersey.
Sam Desai is vice president at RM-Metals, a distributor in the Garden State that brings in copper from abroad and sells it to domestic users like appliance makers. US prices had already been trading higher than global benchmarks for most of the year as the market anticipated tariffs. But 50% is much higher than what was expected, and that forced RM-Metals to immediately reduce the amount of copper it ships in, Desai said.
