Copper prices in the United States hit a historic high as Trump plans to impose high tariffs on copper

After U.S. President Donald Trump announced a 50% tariff on imported copper, U.S. copper prices soared to a record high of $5.8955 per pound on Tuesday. Futures contracts for this key metal, used in wires, motors, and more, rose by as much as 16%. According to Dow Jones market data, this marks the largest single-day increase since 1968. London copper initially rose before falling, reporting at $9,569 per ton. The Trump administration had indicated months ago that it was preparing to impose tariffs on copper under a law that allows the president to levy tariffs on goods deemed necessary for national security. Morgan Stanley recently informed clients that U.S. companies have been importing maritime products in large quantities, clearly to stockpile supplies, as the U.S. Department of Commerce has been studying the imposition of tariffs in recent months. This has driven U.S. copper futures prices up over 36% this year