US President Trump has signed a proclamation imposing a 50 percent tariff on all imports of semi-finished copper and copper-based products, effective from August 1, Xinhua reported.
The move aims to protect the domestic copper industry, which the White House says is essential to national security and defense production.
The proclamation also authorizes the Commerce Secretary to expand the list of tariffed items and take further action under the Defense Production Act, according to Xinhua.
Following the announcement, US copper futures on Comex fell 20 percent, with markets reacting sharply to the unexpected measure.
