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The United States is running out of its copper supplies.
Copper mine output in the U.S. has fallen 11% since 2021 with mines whipping out 1.1 million metric tons annually. That amounts to about 69% of domestic need. On top of that, demand for copper is projected to double by 2035 and it's been a struggle to expand existing mines or develop new ones.
Metals expert Phillip Streivle said there will be a constant traditional demand for copper year over year.
"Global demand for copper is expected to double over the next decade," said Streivle. "Everything from construction spending, infrastructure spending and defense."
We use tons of copper in many different ways. The wires that run through our homes and the batteries for EV's require a lot of it.
"Electric vehicles use four times more copper than traditional gas vehicles," Streivle said.
AI applications are going to require more energy too, therefore, it will require an increase in copper demand by up to 3.5 million metric tons each year over the next 20 some years.
According to the U.S. Geological Survey, the U.S. imports nearly half of its copper needs. Neighboring Canada and Mexico are the country's largest suppliers with Chile also in the mix. China also controls about 50% of global copper refining.
Arizona is the country's leading copper-producing state, making up about 70% of copper production.
Earlier this week, President Trump launched a probe into potential new tariffs on copper imports, claiming they would help rebuild production in America.