As early as the end of February this year, Trump had instructed the U.S. Secretary of Commerce to launch an investigation into imported copper under Section 232 of the Trade Expansion Act and requested that the report be submitted within 270 days. The bill authorizes the president to take trade restrictions on national security reasons.
Trump announced plans to impose a 50% tariff on copper. As of 1:00 p.m. New York time on July 8, copper futures prices on the New York Commodity Futures Exchange (COMEX) rose 17% to $5.8955 per pound, setting a record. According to Bloomberg, Trump also told reporters that the tariff will be part of a series of industry tariffs and will also involve fields such as drugs, semiconductors and metals in the future.