Copper prices hit record high after Trump announces 50% import tariff

Copper prices surged on Tuesday following President Donald Trump’s announcement that he will impose a 50% tariff on copper imports as he seeks to boost domestic production of the critical metal.

The price of copper hit a record high following the president’s announcement at a cabinet meeting in front of the press that his administration will impose a 50% tariff on copper, following Trump’s move earlier this year to initiate a national security review of copper imports that is expected to conclude this summer.

Copper futures rose 13% following the announcement, the biggest one-day move in the commodity’s history, as the tariff plans signaled more constraints on an already in-demand metal.

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