The price of copper is having one of the worst days on record (if not the worst day – I have data going back to 2015). The current price is down $1.22 or -21.89%.The catalyst?President Trump imposed new tariffs on copper imports, specifically focusing on semi-finished copper products and copper-intensive derivative products. These tariffs, set at 50%, and are effective as of August 1, 2025.However, a key detail that surprised the market is that these tariffs do not apply to refined copper (cathodes), ores, concentrates, mattes, or scrap copper.Here's a breakdown of the situation:Targeted Products: Semi-finished products such as pipes, wires, rods, sheets, and tubes, along with copper-intensive derivative products like pipe fittings, cables, connectors, and electrical components.Effective Date: August 1, 2025.Excluded Products: Refined copper (cathodes), copper ores, concentrates, mattes, and copper scrap.Impact on Markets: The exemption of refined copper from the tariffs significantly impacted markets. US copper futures have seen a sharp decline. This exemption is also anticipated to alter global trade flows.Domestic Industry: The tariffs aim to bolster the domestic copper industry, with directives given to support it, including requiring a portion of high-quality US-produced copper scrap to be sold domestically.Future Considerations: The Department of Commerce has suggested a delayed tariff implementation on refined copper, potentially reaching 15% in 2027 and 30% in 2028. An update on US copper markets is expected by the end of June 2026. The market had largely anticipated broader tariffs that would include refined copper, leading to price increases and increased imports beforehand. The President's decision to exclude refined copper has thus surprised the market and influenced prices and trade dynamicsLooking at the daily chart, copper has seen a sharp decline from its recent high of $5.95, falling to a low of $4.33 earlier today. The current price is trading just above that low at $4.37. This move has pushed the price below both the 100-day moving average at $4.94 and the 200-day moving average at $4.63, underscoring a significant shift in momentum to the downside.There is minor support near $4.35, aligned with an old swing level, but more substantial support lies between $3.92 and $4.02—a key zone marked by multiple prior lows and consolidation points (see red numbered circles on the chart). A break below that area would signal deeper bearish potential This article was written by Greg Michalowski at investinglive.com.