U.S. President Donald Trump's announcement of a proposed 50% tariff on copper imports has raised concerns in Chile and Peru, which together account for nearly 40% of global copper production. Copper prices in New York rose an average of 12% after the news,

Manufacturers and construction companies — as well as consumers — would face higher prices if the U.S. jacks up tariffs on copper, analysts said.

President Trump wants America to produce more of the much-needed mineral, but a 50 percent tariff could undermine his aim of a manufacturing renaissance.

The previously announced copper tariff caught Chile by surprise despite some market expectations of trade restrictions. As the world’s largest copper producer, Chile exports approximately USD 6 billion in copper to the United States annually, representing about 12% of its total copper exports of USD 50 billion.

The US announced a 50 percent tariff on copper imports on Wednesday, which will go into effect on August 1. Many analysis reports pointed out that the US still relies on copper imports and it takes a long time to build up copper production capacity at home.

President Donald Trump announced a 50% tariff on copper imports on Tueday, a move aimed at bolstering domestic production and reducing U.S. reliance on foreign supplies, particularly from Chile, which accounts for nearly 35% of U.S. copper imports.

The 50% tariff on copper is consistent with previous tariffs imposed on steel and aluminum. US President Donald Trump on Tuesday announced a 50% tariff on copper imports and stated he was ...

President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.