Prices for the metal hit a record high after the president suggested a higher rate than many analysts were expecting.

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.

U.S. copper prices vaulted to new highs after President Trump said Washington will slap imports of the metal with a 50% tax.Front-month futures contracts jumped 13% Tuesday after Commerce Secretary Howard Lutnick said on CNBC that the new tariffs will go into effect by Aug.