U.S. President Donald Trump said Thursday that the 50% tariff on copper imports, which he announced earlier on Tuesday, will begin on Aug. 1. The decision was made after he received a national security assessment, Trump said in a post on Truth Social.

President Trump will wield 50% copper tariffs on August 1 as he promises more to come with countries such as Brazil in the crosshairs. Nvidia scores the first $4 trillion market cap milestone, lifting the Nasdaq to a record.

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.

U.S. President Donald Trump's announcement of a proposed 50% tariff on copper imports has raised concerns in Chile and Peru, which together account for nearly 40% of global copper production.

Comex copper turns lower a day after President Trump announced a higher than expected 50% tariff on copper imports that caused a record spike in US futures and a drop in the global benchmark

Fed minutes and copper are in focus Wednesday as stocks look to shake of tariff anxiety and rally to fresh record highs.