By: Natalie Scott-Gray, Senior Metals Demand Analyst, EMEA and Asia region
On 20 February 2026, the United States Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act were unlawful, immediately altering the legal landscape for global trade. While this decision removed a layer of headline risk, industrial metal markets remain constrained by other active tariff regimes. Section 232 duties on copper, aluminium and steel imports continue to influence trade flows and pricing structures. As a result, the broader industrial metals complex faces sustained distortion rather than policy clarity.
Natalie Scott-Gray, StoneX Senior Metals Demand Analyst, has extensive experience tracking global metals demand cycles and cross-border trade dynamics. Her analysis connects U.S. tariff structures directly to physical metal flows, manufacturing demand, and investment decision-making across the industrial supply chain.
Section 232 tariffs continue to anchor U.S. industrial metal trade despite the Supreme Court decision on IEEPA authority. Specifically, 50 percent tariffs remain on aluminium and steel imports, alongside duties on finished and semi-finished copper products, maintaining elevated costs for downstream manufacturers. Consequently, global trade flows in copper and aluminium remain rerouted toward alternative markets, limiting price normalization. Investment decisions across smelting, refining and fabrication are therefore delayed as companies wait for greater clarity on long-term tariff stability.
Section 122 tariffs introduce a new, time-limited mechanism that allows up to 15 percent duties for 150 days without a prior investigation. Although capped in duration, this authority adds another layer of unpredictability to industrial metal trade, particularly if layered on top of existing bilateral agreements. As a result, the short-term relief from invalidated IEEPA tariffs is offset by fresh uncertainty over how Section 122 and potential Section 301 actions will evolve. Industrial metal markets therefore remain sensitive to legal developments, reinforcing a distorted and hesitant trading environment. Despite President Trump’s announcement this weekend that he would raise the Section 122 tariffs to 15%, we have seen nothing official confirming that. We are still awaiting a CSMS implementing the Section 122 tariffs this evening though
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--- Written by Lindo Xulu, StoneX TV Journalist
--- Expert: Natalie Scott Gray, StoneX Senior Metals Demand Analyst
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Base Metals LME Report by Natalie Scott-Gray
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