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Thanks to the appetite-suppressing drug, companies are fretting about food sales. This got me thinking.
A year ago, I’d never heard of the diabetes drug Ozempic. Then I read the New York mag article about it, subsequently got messed up by the New York mag article about it, and basically ever since, the appetite-suppressing weight loss drug and its cousins, Wegovy and Mounjaro, have been an inescapable part of the cultural conversation (usually with an unsubtle side of moral panic thrown in). Since the start of the year, I’ve received 252 emails and newsletters that mention Ozempic, including a new one that arrived in my inbox 38 minutes ago.
The latest hysteria has been over what this newly appetite-less consumer base supposedly means for those in the appetite business. Here’s Bloomberg from last weekend:
As sales of appetite-suppressing drugs such as Ozempic and Mounjaro skyrocket, Corporate America is grappling with the question: How does a less-hungry, less-impulse-prone consumer affect my business model? [...]
John Furner, CEO of Walmart’s U.S. operations, recently said the retailer is seeing a “slight pullback in the overall basket” of food purchases as a result of the drugs, but added it’s too early to draw definitive conclusions. Conagra CEO Sean Connolly told investors this week that his company’s scientists are looking at the data, and the maker of Slim Jim and Swiss Miss could offer smaller portions in the coming years if that’s the way preferences evolve.
Separately, a Morgan Stanley report from last week also projected that up to 7% of Americans could be on appetite-suppressant medications by 2035, which could cut their individual daily calorie consumption by up to 30%.
It’s certainly the case that users of the new crop of weight loss drugs say the medications reduce “food noise” (in addition to some truly unpleasant side effects and reports of a loss of the pleasure of eating). “I don’t have cravings anymore. At all,” one woman who uses Wegovy told The New York Times. “It’s the weirdest thing.”
This got me thinking: Could appetite-suppressing drugs reduce food waste?
Food is by far the most common impulse buy, with random cravings and clever grocery store design driving many of our purchases. That said, most American food waste comes in the form of fresh foods — like fruits, vegetables, and mixed dishes — followed by dairy, meat, and then grains. Junk food, with its longer shelf life, makes up less than 10 percent of food waste, the National Post reports.
Still, just desiring less food could curb food waste since you theoretically wouldn’t feel the need to buy excess food in the first place — a shift that is at least implied by the supposedly dampened food sales Walmart is fretting over. That’s not a bad thing: It’s been estimated that 6% to 8% of human-caused greenhouse gas emissions could be reduced by ending food waste alone.
And if the proliferation of these drugs drives companies to consider pivoting to smaller portion sizes as a result, that could also be a good thing too (one of my biggest pet peeves is the way grocery store portions cater to larger families, leaving one- and two-person households with too much perishable food). Still, there is always the chance that Ozempic will potentially create more food waste as people continue to shop like they used to, but are inclined to consume less.
One thing’s for sure: Whatever the case may turn out to be, someone’s going to have a strong opinion about it.
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“I believe the tariff on copper — we’re going to make it 50%.”
President Trump announced Tuesday during a cabinet meeting that he plans to impose a hefty tax on U.S. copper imports.
“I believe the tariff on copper — we’re going to make it 50%,” he told reporters.
Copper traders and producers have anticipated tariffs on copper since Trump announced in February that his administration would investigate the national security implications of copper imports, calling the metal an “essential material for national security, economic strength, and industrial resilience.”
Trump has already imposed tariffs for similarly strategically and economically important metals such as steel and aluminum. The process for imposing these tariffs under section 232 of the Trade Expansion Act of 1962 involves a finding by the Secretary of Commerce that the product being tariffed is essential to national security, and thus that the United States should be able to supply it on its own.
Copper has been referred to as the “metal of electrification” because of its centrality to a broad array of electrical technologies, including transmission lines, batteries, and electric motors. Electric vehicles contain around 180 pounds of copper on average. “Copper, scrap copper, and copper’s derivative products play a vital role in defense applications, infrastructure, and emerging technologies, including clean energy, electric vehicles, and advanced electronics,” the White House said in February.
Copper prices had risen around 25% this year through Monday. Prices for copper futures jumped by as much as 17% after the tariff announcement and are currently trading at around $5.50 a pound.
The tariffs, when implemented, could provide renewed impetus to expand copper mining in the United States. But tariffs can happen in a matter of months. A copper mine takes years to open — and that’s if investors decide to put the money toward the project in the first place. Congress took a swipe at the electric vehicle market in the U.S. last week, extinguishing subsidies for both consumers and manufacturers as part of the One Big Beautiful Bill Act. That will undoubtedly shrink domestic demand for EV inputs like copper, which could make investors nervous about sinking years and dollars into new or expanded copper mines.
Even if the Trump administration succeeds in its efforts to accelerate permitting for and construction of new copper mines, the copper will need to be smelted and refined before it can be used, and China dominates the copper smelting and refining industry.
The U.S. produced just over 1.1 million tons of copper in 2023, with 850,000 tons being mined from ore and the balance recycled from scrap, according to United States Geological Survey data. It imported almost 900,000 tons.
With the prospect of tariffs driving up prices for domestically mined ore, the immediate beneficiaries are those who already have mines. Shares in Freeport-McMoRan, which operates seven copper mines in Arizona and New Mexico, were up over 4.5% in afternoon trading Tuesday.
“We had enough assurance that the president was going to deal with them.”
A member of the House Freedom Caucus said Wednesday that he voted to advance President Trump’s “big, beautiful bill” after receiving assurances that Trump would “deal” with the Inflation Reduction Act’s clean energy tax credits – raising the specter that Trump could try to go further than the megabill to stop usage of the credits.
Representative Ralph Norman, a Republican of North Carolina, said that while IRA tax credits were once a sticking point for him, after meeting with Trump “we had enough assurance that the president was going to deal with them in his own way,” he told Eric Garcia, the Washington bureau chief of The Independent. Norman specifically cited tax credits for wind and solar energy projects, which the Senate version would phase out more slowly than House Republicans had wanted.
It’s not entirely clear what the president could do to unilaterally “deal with” tax credits already codified into law. Norman declined to answer direct questions from reporters about whether GOP holdouts like himself were seeking an executive order on the matter. But another Republican holdout on the bill, Representative Chip Roy of Texas, told reporters Wednesday that his vote was also conditional on blocking IRA “subsidies.”
“If the subsidies will flow, we’re not gonna be able to get there. If the subsidies are not gonna flow, then there might be a path," he said, according to Jake Sherman of Punchbowl News.
As of publication, Roy has still not voted on the rule that would allow the bill to proceed to the floor — one of only eight Republicans yet to formally weigh in. House Speaker Mike Johnson says he’ll, “keep the vote open for as long as it takes,” as President Trump aims to sign the giant tax package by the July 4th holiday. Norman voted to let the bill proceed to debate, and will reportedly now vote yes on it too.
Earlier Wednesday, Norman said he was “getting a handle on” whether his various misgivings could be handled by Trump via executive orders or through promises of future legislation. According to CNN, the congressman later said, “We got clarification on what’s going to be enforced. We got clarification on how the IRAs were going to be dealt with. We got clarification on the tax cuts — and still we’ll be meeting tomorrow on the specifics of it.”
Neither Norman nor Roy’s press offices responded to a request for comment.
The state’s senior senator, Thom Tillis, has been vocal about the need to maintain clean energy tax credits.
The majority of voters in North Carolina want Congress to leave the Inflation Reduction Act well enough alone, a new poll from Data for Progress finds.
The survey, which asked North Carolina voters specifically about the clean energy and climate provisions in the bill, presented respondents with a choice between two statements: “The IRA should be repealed by Congress” and “The IRA should be kept in place by Congress.” (“Don’t know” was also an option.)
The responses from voters broke down predictably along party lines, with 71% of Democrats preferring to keep the IRA in place compared to just 31% of Republicans, with half of independent voters in favor of keeping the climate law. Overall, half of North Carolina voters surveyed wanted the IRA to stick around, compared to 37% who’d rather see it go — a significant spread for a state that, prior to the passage of the climate law, was home to little in the way of clean energy development.
But North Carolina now has a lot to lose with the potential repeal of the Inflation Reduction Act, as my colleague Emily Pontecorvo has pointed out. The IRA brought more than 17,000 jobs to the state, per Climate Power, along with $20 billion in investment spread out over 34 clean energy projects. Electric vehicle and charging manufacturers in particular have flocked to the state, with Toyota investing $13.9 billion in its Liberty EV battery manufacturing facility, which opened this past April.
North Carolina Senator Thom Tillis was one of the four co-authors of a letter sent to Majority Leader John Thune in April advocating for the preservation of the law. Together, they wrote that gutting the IRA’s tax credits “would create uncertainty, jeopardizing capital allocation, long-term project planning, and job creation in the energy sector and across our broader economy.” It seems that the majority of North Carolina voters are aligned with their senator — which is lucky for him, as he’s up for reelection in 2026.