MELBOURNE (Reuters) -President Donald Trump's vow of tariffs on U.S. copper and aluminium imports would result in higher costs for local consumers because of a shortfall of domestic production and the length of time it would take to renew the industry, analysts and industry participants said on Tuesday.

Copper rallied in New York and slumped in London after President Donald Trump pledged import tariffs that risk raising costs for American manufacturers while dampening global demand.

The man U.S. President Donald Trump has chosen to oversee his tariff agenda says hitting Canada with 25 per cent across-the-board duties would be an emergency measure to achieve border security — and could be followed by more tariffs in the future.