Copper is often described as the “metal of electrification”. Due to its naturally high conductivity and safety, copper is the go-to material for anything electrical. 70% of all copper used globally is for electrical applications, including power projects, electric vehicles and data centers.

In its STEPS global energy scenario, the International Energy Agency forecasts copper demand to jump 37% between now and 2050. Last year, global copper demand hit 27 million tonnes and is projected to hit 37 million tonnes by 2050.

Tariff Man: Earlier this month, US President Donald Trump announced 50% tariffs on copper imports, with more than 95% coming from just four countries: Chile, Peru, Canada and Mexico. 

This is likely to result in more expensive energy, with copper being one of the most intensive materials used for both renewable and conventional power.

Alternative Take: Depending on how they’re collected and used, tariffs may also be passed on as tax breaks to consumers. To date, tariffs from Trump’s second term have yet to manifest as inflation.