BEIJING (Reuters) -U.S. President Donald Trump said on Tuesday he would announce a 50% tariff on copper imports, sending U.S. Comex copper futures up more than 12% to a record high.

President Donald Trump said Tuesday he’s imposing a new 50% tariff on all copper. However, it’s unclear when the new tariff would take effect.

U.S. President Donald Trump indicated a sweeping 50% tariff on all copper imports into the country, significantly escalating ongoing global trade tensions. The 50% copper tariff will likely take effect at the end of July or on August 1,