President Donald Trump has announced plans to impose a 50% tariff on copper imports, a move aimed at bolstering US production of the essential metal, as reported by Reuters. Following the announcement,

Copper futures surged to a record high Tuesday after President Donald Trump announced a 50% tariff on all copper imports. “Today we’re doing copper,” Trump said at a cabinet meeting after rattling off his earlier tariffs on aluminum and steel.

PwC estimates that about a third of the global semiconductor production is under threat of supply disruptions caused by climate change.

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.

While the cost of copper is going up for American businesses and consumers, the rest of the world is scratching its head while it enjoys a considerable discount on the price of copper.

The White House initiated a Section 232 investigation in February, allowing the president to impose tariffs on national security grounds. Trump stated that a “robust” assessment confirmed the need for tariffs to safeguard US copper production.