US President Trump announced on his social media platform that a 50% tariff on copper will take effect on August 1, explaining that the decision was made based on a national security assessment.

He said that copper is needed for semiconductors, aircraft, ships, ammunition, data centers, lithium-ion batteries, radar systems, missile defense systems, and even hypersonic weapons, many of which are being manufactured in the United States.

After Trump announced new tariffs on copper, US copper futures prices hit a record high.