US copper prices spiked to record highs after President Donald Trump said he would impose 50% tariffs on the metal from the end of July.
The US last year imported 890,000 tons of copper, a key component in electric vehicles, military equipment, and electronics. Futures prices in New York jumped 25%.
Trump also sent letters to 14 countries threatening steeper tariffs at the end of the month: He had planned to impose them from today, The Wall Street Journal reported, but was swayed by his Treasury secretary, who said the US was closing in on trade deals with several jurisdictions, including India and the European Union, and that postponing the levies would get the deals over the line.
AD