U.S. President Donald Trump said on Tuesday he would announce a 50% tariff on copper imports, sending U.S. Comex copper futures up more than 12% to a record high. Prices on the Shanghai Futures Exchan

U.S. President Donald Trump indicated a sweeping 50% tariff on all copper imports into the country, significantly escalating ongoing global trade tensions. The 50% copper tariff will likely take effect at the end of July or on August 1.

Copper surged to a record high after Donald Trump said he planned to impose 50pc tariffs on imports of the vital metal. US contracts of copper, an essential part of electrical cables and devices, climbed as much as 17pc to an all-time high after the President’s comments during a White House cabinet meeting.