Trump ordered an earlier investigation into possible tariffs on copper imports, arguing global competitors could pose a threat to national security and economic stability.

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.

The U.S. price premium surged past the global benchmark to hit record highs this week, in reaction to President Trump's proposal to place a 50% tariff on copper imports.