9 July 2025 – With increasingly drastic demands, the EU steel lobby is pushing for an excessive expansion of EU steel tariffs from January 2026. US copper prices jump to record highs. BRICS condemn Western climate protectionism.
US copper prices jump to record high
Following US President Donald Trump’s announcement that he intends to impose a 50% punitive tariff on copper imports into the United States, US copper prices have jumped by more than 13% to a new record high. At approximately 5.70 USD/lb or 12,577 USD/MT, copper prices were once again significantly higher than on 1 March 2025.
On 25 February 2025, President Trump had already initiated a Section 232 investigation into copper imports into the United States.
BRICS condemn Western climate protectionism
In their new Leaders’ Framework Declaration on Climate Finance, the BRICS countries (Brazil, Russia, India, China, South Africa) condemn ‘unilateral, discriminatory and protectionist’ measures by the West, such as the EU Carbon Border Adjustment Mechanism (CBAM) and strict supply chain laws. Such regulations, they argue, disrupt global supply chains, distort competition and prevent developing countries from financing their ecological transformation under the pretext of climate protection.
Call for non-discriminatory access to climate finance
The BRICS countries see this as a violation of international law and insist on the multilateral principles of the UN Framework Convention on Climate Change (UNFCCC). They are calling for non-discriminatory access to climate finance and warning of a growing financing gap in the Global South. An inclusive, equitable climate system must take economic development and poverty reduction into account.
EUROFER calls for new steel safeguard measures as early as January 2026
The European steel makers are pushing for an early replacement of the safeguard measures from January 2026. EUROFER Director General Axel Eggert is calling for these measures to be even tougher, with higher tariffs and an extension to all product categories.
Experts warn: Higher punitive tariffs could prove to be an own goal
However, experts warn that higher import tariffs could prove to be an own goal. Not only do they make imported intermediate goods more expensive for EU companies, they also make European exports less competitive, for example vis-à-vis the US, which has already doubled its tariffs.
Export-oriented EU economy would suffer from higher import tariffs
If the European Union were to give in to the demands of steel manufacturers, the export market would come under even greater pressure. EUROFER’s call for tougher protectionism thus indirectly jeopardises Europe’s position in global value chains and significantly drives up inflation for intermediate products.
Dramatic shock to competitiveness looms
Urgently needed steel imports could become more than 85% more expensive with an increase in steel tariffs from the current 25% to 50% and in combination with the Carbon Border Tax CBAM, which will come into effect on 1 January 2026. This would be an inflationary shock and a potential competitive disadvantage for EU companies, which no logical politician would impose on such an important economic sector as the metalworking industry.
In any case, EUROFER and its clients have not yet heard anything about fairness towards their own customers from the EU steelworks. The greed coupled with stupidity there simply knows no bounds.
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