Trump on Tuesday said he would impose 50 per cent tariffs on copper imports, an announcement that reverberated across the market for the world’s most important industrial metal over the past two days. The US president also floated the idea of a 200 per cent tariff on pharmaceuticals.

Manufacturers and construction companies — as well as consumers — would face higher prices if the U.S. jacks up tariffs on copper, analysts said.

"The big money will start coming in on Aug. 1, I think that was made clear today," Trump told reporters. He then turned to Treasury Secretary Scott Bessent, who estimated that the United States could collect more than $300 billion in tariff revenue by the end of the year,