The U.S. government proposes adding copper to the critical minerals list. Institutions: Building new mines is time-consuming.

According to a statement from the U.S. Department of the Interior, the U.S. Geological Survey (USGS) has recommended classifying six minerals—copper, silver, silicon, potash, rhenium, and lead—as critical minerals, while removing arsenic and tellurium from the list. The USGS will also study whether to include metallurgical coal and uranium on the list. This follows an executive order signed by former U.S. President Donald Trump, which required the Department of the Interior to investigate the classification of metallurgical coal and uranium as critical minerals.

Under the U.S. Energy Act, critical minerals are defined as minerals or materials deemed vital to the U.S. economy and national security by the USGS. These minerals are essential for manufacturing but have vulnerable supply chains. Once designated as critical, the exploration, mining, and processing of these minerals will receive financial incentives and broader supportive policies.

The U.S. Fertilizer Institute has long advocated for classifying potash as a critical mineral to obtain tariff exemptions. The U.S. primarily imports potash from Canada, and due to the North American Free Trade Agreement, it has not been subject to tariffs.

Copper, widely used in electrical engineering, transportation, and other sectors, has been a focus of Trump's attention. In February, Trump ordered a "Section 232 investigation" into U.S. copper imports. This investigation, conducted by the U.S. Department of Commerce under Section 232 of the Trade Expansion Act, examines whether imports of specific goods threaten national security and has a 270-day deadline. In late July, Trump announced a 50% tariff on imported copper semi-finished products and high-copper-content derivatives.

U.S. Secretary of the Interior Doug Burgum stated that the proposed critical minerals list provides a roadmap for reducing U.S. reliance on foreign imports, expanding domestic production, and promoting innovation. He emphasized that the U.S. would collaborate with industry partners to ensure that these minerals, critical to the energy, defense, and technology supply chains, are produced and processed domestically by American workers.

However, financial institutions pointed out that measures such as Trump's 50% tariff on imported copper products are unlikely to stimulate domestic copper production expansion.

According to a 2024 estimate by the USGS, approximately 45% of U.S. annual copper consumption relies on imports. Chile, Canada, Peru, and Mexico are the primary sources of U.S. copper imports, while domestic copper mining is concentrated in Arizona. The U.S. is not lacking in copper resources, as its copper reserves account for 5% of global reserves.