The rundown: Copper is one of the most critical metals in the world. It runs through every EV, AI data center, solar inverter, and transmission line.

As we know, Trump is putting a 50% tariff on copper imports under the goal of “rebuilding American industry.” Unfortunately, I don’t think tariffs will fix the copper gap. Here’s why:

The U.S. imports nearly half of its copper, and its refining and smelting infrastructure is outdated and minimal. Only two smelters are operating domestically. Many U.S. mines actually send semi-processed ore to China because they don’t have the capacity.

The logic behind these tariffs is to boost local production, but copper isn’t something you can boost in a short period of time. And we need it right now!

A new mine takes 10 to 15 years to bring online, longer than most political cycles. Companies deciding whether to invest in refining capacity or new mines now have to weigh political uncertainty on top of commodity price volatility.

Canada and Chile (major suppliers of refined copper to the U.S.) are pushing for exemptions, and so are U.S. manufacturers who rely on copper.

The part I think most people get wrong is that demand doesn’t just magically create supply. We’re about to see massive copper demand from EVs, AI data centers, and grid buildouts. But if we’re not investing in mining, refining, and recycling infrastructure, that demand will clash with tight supply and high prices, thus slowing down domestic energy and industrial growth.

Tariffs without a plan are just very, very expensive taxes (or perhaps negotiating tactics).

If Trump is serious about reshoring and securing the industry’s future, he needs an equally aggressive industrial strategy to match.

Otherwise, you risk turning a structural copper shortage into a shortage that holds back major economic growth.

Arbor has secured funding from Frontier Climate to scale its novel approach to carbon removal paired with clean energy generation for data centers. Arbor’s system uses bio-oil production and carbon mineralization to lock away CO₂ while capturing waste heat to generate renewable power, enabling data centers to offset emissions while securing reliable, grid-independent energy.

Italy’s Tulum Energy has raised €22.9 million to advance its scalable, low-carbon hydrogen production technology. The company is a spinoff from major steel and energy leader, Technit Group. Using modular electrolyzer systems and a proprietary process that reduces energy consumption per kg of hydrogen, Tulum aims to bring down green hydrogen costs in Europe’s industrial sectors.

AWS and IRCAI (UNESCO-affiliated) have selected 23 new climate tech startups for the 2025 Compute for Climate Fellowship. This program grants startups computing resources and mentorship to scale AI and machine learning solutions tackling climate challenges, from emissions tracking to renewable grid optimization.

Gold H2 has delivered its first batch of subsurface hydrogen using a microbial stimulation technique in a California oil well. The startup activates naturally occurring microbes to convert underground resources into hydrogen, creating low-cost, zero-carbon H₂ on-site.

June saw uranium reclaim momentum, with spot prices jumping nearly 10% rising from $71.50 to $78.56/lb marking its strongest month of the year with a YTD gain of 7.4%

Uranium equities outperformed even harder: major mining stocks, as tracked by the Northshore Global Uranium Mining Index, rose 18.2% in June and have now rallied 47.1% over the last three months, while junior mining stocks climbed 17.9% in June, up 46.3% over three months.

What’s likely causing this?

Uranium is leading the energy commodities complex, outperforming broader indexes like the S&P 500 (+6.2% YTD) and Bloomberg Commodity Index (+3.3%). With structural supply shortages, nuclear policy support, and new AI-driven demand, uranium appears ready to remain strong entering the second half of 2025.

In Canada, the federal EV sales mandate requiring 20% of new vehicles to be electric by 2026 is under fire from U.S. officials and domestic automakers, including GM and Ford. Many argue the rule could inflate vehicle prices and reduce consumer choice. The Canadian government may reconsider the mandate amid trade negotiations with Trump and external pressure from Canadians, raising questions about the stability of EV policy in North America.