Copper tariffs, changing timeline position markets for more volatility

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

---

President Trump yesterday threw markets another tariff-related curveball.

Trump ordered a probe into placing levies on copper imports, a move he hopes will help rebuild domestic metal production. 

Copper is a key material for electric vehicles, military infrastructure and consumer electronics, Trump said in his Tuesday executive order. 

Foreign dominance of copper exports “coupled with global overcapacity and a single producer’s control of world supply chains, poses a direct threat to United States national security and economic stability,” the order read. 

The move once again pushed investors into a risk-off mindset, helping to stabilize gold prices and increase interest in other safe haven assets. Copper futures were also on the rise, with those traded on the Comex gaining as much as 5% today. 

Trump issued the order using Section 232 of the Trade Expansion Act, the same law he used back in 2017 to slap 25% tariffs on aluminum and steel imports. 

To further complicate things, Trump this afternoon apparently gave two different dates for when tariffs against Canada and Mexico will begin, first saying March 4 and later saying April 2, according to a report from Bloomberg. 

As I’ve said before, this market is just waiting for the other tariff shoe to drop — and the changing timeline isn’t helping calm the waters in the meantime. 

---

Get the news in your inbox. Explore Blockworks newsletters:

• Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
• Empire: Start your day with top crypto insights from David Canellis and Katherine Ross.
• Forward Guidance: Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin.
• 0xResearch: Get alpha directly in your inbox — market highlights, charts, degen trade ideas, governance updates, and more.
• Lightspeed: All things Solana, in your inbox, every day from Jack Kubinec and Jeff Albus.
• The Drop: The newsletter for crypto collectors and traders, covering games, tokens, apps, memes and more.