Anglo American's revenues have suffered as tariff chaos undermined trading conditions for the mining giant.
The FTSE 100 company is placing greater emphasis on copper but has not avoided the impact of President Donald Trump's threats affecting all commodities, including the red metal, as reported by .
On Wednesday evening, the US president announced he would spare refined materials from 50 per cent levies on semi-processed goods such as copper pipes alongside derivative products, which may include cables.
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Trump indicated he would exempt "input" materials including copper from the tariffs and instead apply them to fresh regulations, causing copper prices to tumble by approximately 18 per cent in markets.
Anglo American appears to have been hit by Trump's policy reversals during the opening half of the year.
Its revenues declined by roughly seven per cent to just below $9bn (£6.7bn) in the first six months of 2025 when compared to the corresponding period last year.
Its underlying profits dropped by 20 per cent.
Executives also stated they anticipated their complete portfolio would fall marginally by $100m in 2025 to $3.1bn in 2026 and 2027.
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The mining behemoth said all benefits from increased Chinese demand and a rise in US refined copper imports were neutralised by Trump's disruption to price stability following his introduction of comprehensive tariffs. It noted the 127 per cent year-on-year surge in US refined imports during the first five months of the year diverted copper from "more typical demand centres" in Asia and Europe.
Its diamond business via De Beers, which is scheduled to be spun off from Anglo American, also endured a "challenging" trading climate, with recovery prospects postponed due to diminished confidence.
Tariffs drill a hole
Senior executives expressed optimism that rising Chinese demand could assist in rebuilding sales figures.
Duncan Wanblad, chief executive of Anglo American, confirmed the company was intensifying efforts to achieve $1.8bn in cost reductions, which contributed to reduced earnings during the first half of the year.
"By focusing on our exceptional copper, premium iron ore and crop nutrients resource endowments, each with significant value-accretive growth options, we are unlocking material value for our shareholders by delivering the see-through value of our portfolio," Wanbald said.
"Our clear and decisive actions are transforming Anglo American into a highly attractive and differentiated value proposition for the long term, offering strong cash generation to support sustainable shareholder returns combined with the capabilities and longstanding relationship networks to deliver our full value and growth potential."