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,

The Yale Budget Lab noted that the letters sent Monday would hike the effective tariff rate on U.S. consumers to the highest since 1934.

Wall Street ended mixed a day after a broad sell-off in response to the Trump administration setting new tariffs on more than a dozen nations.

Trump said the United States would impose tariffs of 25% on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30% on South Africa, Bosnia and Herzegovina, climbing to 32% on Indonesia, 35% on Serbia and Bangladesh, 36% on Cambodia and Thailand; and 40% on Laos and Myanmar. A deal with India was close, Trump added.

China warned President Trump on Tuesday against restarting trade tensions and that it would hit back at countries that make deals with the US to exclude China from supply chains. Last month, the US and China agreed on a trade framework to ease tensions,

I think free trade has been dead and probably been dead for a while and isn't looking good for any time in the near future,” said Chad Bown, senior fellow at the Peterson Institute for International Economics.

The majority of the new tariffs announced on Monday closely reflect the rates proposed by President Donald Trump in April.