Trump said on Tuesday that he would impose a 50% tariff on copper. Though the remarks were light on specifics, his comments sent the metal to all-time highs.

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

President Donald Trump said Tuesday he’s imposing a new 50% tariff on all copper imported into the US. However, it’s unclear when the new tariff would take effect. “Today we’re doing copper,” he said at a Cabinet meeting,