The copper price in the United States has reached a historical high, and Trump is planning to impose high tariffs on copper.

After President Trump announced a 50% tariff on imported copper, copper prices in the United States soared to a record high on Tuesday, reaching $5.8955 per pound. Futures contracts for this critical metal used in wiring and motors surged by 16% at one point. According to Dow Jones market data, this was the largest single-day increase since 1968. Copper prices in London initially rose and then fell, closing at $9569 per ton. The Trump administration had previously stated that they were preparing to impose tariffs on copper under a law that allows the president to levy tariffs on goods necessary for national security. Morgan Stanley recently informed clients that U.S. companies have been importing a significant amount of maritime products in recent months, likely in preparation for supply storage. This has driven the price of U.S. copper futures up by over 36% this year.