The Trump administration also imposed tariffs on some copper products in 2025 and said it might adjust them in 2026. As companies around the world stockpiled copper in anticipation of the levies, its price jumped to a record high this month. Chile was the world’s top exporter of raw copper in 2024 at more than $31 billion, followed by Peru. In neither Chile nor Peru do major industrial policies for the copper sector appear to be on the horizon. While industrial policies don’t always yield their intended results, they are more viable when the ingredients in question are in high demand, as copper is now.