President Donald Trump announced a 50% tariff on copper imports on Tueday, a move aimed at bolstering domestic production and reducing U.S. reliance on foreign supplies, particularly from Chile, which accounts for nearly 35% of U.S. copper imports.

Copper futures surged to a record high Tuesday after President Donald Trump announced a 50% tariff on all copper imports. “Today we’re doing copper,” Trump said at a cabinet meeting after rattling off his earlier tariffs on aluminum and steel.

Mark Bristow, CEO of Barrick Mining Corp, reiterated the copper miners' bullish outlook on the metal's future in Zambia.

The White House initiated a Section 232 investigation in February, allowing the president to impose tariffs on national security grounds. Trump stated that a “robust” assessment confirmed the need for tariffs to safeguard US copper production.

U.S. President Donald Trump's announcement of a proposed 50% tariff on copper imports has raised concerns in Chile and Peru, which together account for nearly 40% of global copper production.

The U.S. price premium surged past the global benchmark to hit record highs this week, in reaction to President Trump's proposal to place a 50% tariff on copper imports.