Chile, the world's No. 1 copper producer, is in wait-and-see mode after U.S. President Donald Trump announced a surprise 50% tariff on imports of the red metal, with the Andean nation blindsided while its top miner held out hope of exemptions.

U.S. President Donald Trump's announcement of a proposed 50% tariff on copper imports has raised concerns in Chile and Peru, which together account for nearly 40% of global copper production. Copper prices in New York rose an average of 12% after the news,

For Chile, the US market accounts for less than 13% of total copper exports, but the impact of the tariffs goes far beyond mere trade volumes. Copper exports remain Chile's largest source of foreign exchange earnings, totaling $50.86 billion in 2024.

SANTIAGO (Reuters) -Copper production from Chilean state-run miner Codelco ticked up some 16.5% year-over-year in May, data from copper commission Cochilco showed on Thursday, climbing to 130,100 metric tons.

President Trump wants America to produce more of the much-needed mineral, but a 50 percent tariff could undermine his aim of a manufacturing renaissance.

Copper might not be the most exciting or cutting-edge medtech material, but this metal is used in a wide range of medical devices.

Chilean copper mines had their best month of export revenue in more than three years in June, with the increase in value outstripping price gains in a sign of rising production.

This year, BMI estimates global copper mine output to rise 2.5% as production in Chile recovers and the giant Oyu Tolgoi mine in Mongolia ramps up. Those in Peru, Russia and Zambia will also remain among the major contributors, it adds.