Copper futures surged as much as 17%, the largest intraday rally since at least 1988, after President Trump announced he would consider 50% tariffs on the metal.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
“I believe the tariff on copper we’re going to make it 50%,” said Trump during a Cabinet meeting on Tuesday.
Copper Tariffs to be Implemented Soon
Adding to Trump’s comments, Commerce Secretary Howard Lutnick said that the copper tariffs will go into effect either later this month or by August 1. Lutnick explained that the purpose of the tariff is to bring back copper production to the U.S.
Copper has several industrial and household applications and is used in items ranging from electrical wires and medical devices to musical instruments.
Head over to TipRanks’ Stock Analysis and News feed for the latest trade and tariff developments.
