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.

President Donald Trump said Tuesday he’s imposing a new 50% tariff on all copper. However, it’s unclear when the new tariff would take effect.

Copper futures in New York surged after US President Donald Trump said he planned to implement a 50% tariff on imports, a move that’s likely to spark massive supply-chain ripples through global metal markets.