FCX · 10-Q · 2026Q2 · Full report

Trade Policy and Tariffs

FREEPORT-MCMORAN INC · 2026-08-06 · Importance 44 · Surprise 60 · In source text

Effective August 2025, a 50% U.S. Section 232 tariff applies to imports of semi-finished copper and copper-intensive derivative products, while refined copper cathodes, concentrates and scrap remain exempt. The U.S. government indicated it may reassess a refined-copper tariff of 15% beginning in January 2027, rising to 30% in 2028. The Secretary of Commerce was also directed to require that 25% of U.S.-produced copper cathode and concentrate be sold domestically in 2027, potentially increasing to 30% in 2028 and 40% in 2029. FCX says its integrated domestic operations and predominantly domestic sales position it to avoid a negative impact; U.S. copper was sold 75% as rod and 25% as cathode during the six months ended June 30, 2026.

Key facts

• U.S. tariffs: Effective August 2025, a 50% Section 232 tariff was imposed on U.S. imports of semi-finished copper products and copper-intensive derivative products; refined copper including cathodes, concentrates and scrap was exempted; the U.S. may reassess a refined copper tariff of 15% beginning January 2027 and rising to 30% in 2028. source
• The U.S. Secretary of Commerce was directed to impose requirements that 25% of copper cathode and concentrate produced in the U.S. be sold domestically in 2027, potentially increasing to 30% in 2028 and 40% in 2029. source
• PTFI incurred export duties totaling $146 million in second-quarter 2025 and $202 million for the first six months of 2025 prior to expiration of its export license in September 2025. source

Impact estimates