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,

President Donald Trump said pharmaceutical imports would face a "very high rate, like 200%" and he would impose the tariff at a later date.

Copper futures surged on the news, market the largest single-day dollar and percentage gain on record, according to Dow Jones Market Data.