Copper futures on the Comex surged as much as 17% after US President Donald Trump said he planned to implement a 50% tariff on imports of the metal.
Futures rose to $5.8955 a pound as of 1:07 p.m. in New York, a record.
“I believe the tariff on copper we’re going to make it 50%,” Trump said when asked by a reporter what the rate on those products would be.
Trump said he planned to implement the copper levy as part of a set of looming sectoral tariffs. Trump told reporters during a Cabinet meeting on Tuesday he was still planning tariffs on select industries, including drugs, semiconductors, and metals.
Trump had directed the Commerce Secretary in late February to open an investigation into foreign copper imports under Section 232 of the Trade Expansion act and submit a report within 270 days. The act gives the president broad authority to impose restrictions on national security grounds.
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