Is Copper the Next Geopolitical Battleground?

Jeffrey Currie, Chief Strategy Officer of Carlyle’s Energy Pathways, joins The Call to unpack copper’s price whiplash, the coming U.S. tariffs, and why this ancient metal’s resurgence has become a heated subject matter in corporate boardrooms. Currie, widely known for calling copper the “new oil”, will explain its surging demand, driven by its growing role in semiconductors and EVs, in AI plans and data centers, electrical grids, and arms manufacturing.

Meeting that demand won’t be easy. New mining projects face hurdles, ore grades are declining, and bottlenecks in refining and smelting persist. Meanwhile, news of tariffs on some copper imports, but not others, underscores the complicated strategic role of this commodity.

Currie, who has warned of underinvestment in the physical economy, will break down what’s real, what’s policy-driven, and where copper fits into the roiling national security debate over the cost and supply of crucial commodities. As he puts it, “Wars are won with supply chains and capital.”

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