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 mentioned Tuesday — almost in passing — that he planned to impose a 50% tariff on copper imports. It still hit like a bombshell, with potential to shake up U.S. efforts to expand,