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.

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

Copper prices jumped by double digits on Tuesday after US President Donald Trump announced plans to implement a 50% tariff on the industrial metal. “I believe the tariff on copper we’re going to make it 50%,” Trump said when asked by a reporter what the rate on those products would be.