US copper prices rose after US President Donald Trump said he plans to impose a 50% duty on imports of the metal, Euronews reported.

Copper futures traded in New York jumped about 13% to $5.69 a pound, a record closing price, significantly outpacing the rise in copper futures traded in London.

By around 3.30pm (local time) on 9 July, the New York price had fallen to around US$5.59, although it remained at a much higher level than before Trump's announcement.

The president commented on the tariff during a televised Cabinet meeting without giving much detail, and Commerce Secretary Howard Lutnick said the administration would formalize the decision in the coming days. Lutnick suggested the duty would take effect around the end of this month or early August.

It also comes as Trump nears an August 1 deadline before which he has promised to impose "so-called" reciprocal tariffs on countries with a positive trade balance with the United States.

The president is sending out letters to trading partners notifying them of the tariff rates, and said seven more country-specific rates will be announced on July 9. So far, the U.S. has reached trade agreements with the United Kingdom, China and Vietnam.

Copper is used in a wide range of products, which means the tariff will affect electronics, construction and industrial machinery, likely driving up inflation across the board.

This comes at a time when Trump is putting pressure on Federal Reserve Chairman Jerome Powell to cut interest rates. Last week, Powell said the Fed would have already eased monetary policy were it not for new U.S. tariffs that sow uncertainty and threaten economic stability.

The U.S. imported about 810,000 metric tons of refined copper last year, about half of what it consumed, according to the U.S. Geological Survey. Chile is the most significant exporter to the US, followed by Canada.

A 50 percent duty on the metal would bring the rate in line with duties already imposed on aluminum and steel, which went into effect in June.

Although the exact rate was not disclosed, the duty on copper itself was not unexpected, as Trump ordered a Section 232 investigation into imports of the metal in February. The probe is intended to determine whether the president has the authority to impose the duties on national security grounds.

Trump also said a 200% duty on pharmaceuticals would be put in place “very soon,” but added that he would give the industry at least a year to adjust. | BGNES