The U.S. copper industry is in crisis — and Washington is finally taking notice. With President Donald Trump’s recent announcement of 50% tariffs on copper imports under Section 232 of the Trade Expansion Act,

Higher prices in America suit miners with copper assets in the country just fine. The shares of Rio Tinto and Freeport-McMoRan, an American miner which accounts for 60% of domestic copper production, have risen. For the latter, a 50% duty could result in windfall profits of $1.6bn a year, reckons Deutsche Bank, another lender.