The US imports roughly half of its copper needs each year, which is used in construction, transportation and electronics.
United States President Donald Trump has said he will announce a 50 percent tariff on copper, hoping to boost domestic production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.
Trump told reporters at a White House cabinet meeting that he planned to make the copper tariff announcement later in the day, but did not say when the tariff would take effect.
“I believe the tariff on copper, we’re going to make 50 percent,” Trump said.
US Comex copper futures jumped more than 12 percent to a record high after Trump announced the planned tariff, which came earlier than the industry had expected, with the rate steeper.
