U.S. President Donald Trump said on Tuesday he would soon announce a 50% tariff on copper imports, which make up nearly half of the metal consumed in the country, as part of his bid to build up domestic production. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here.

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.

While US copper futures on the Comex exchange briefly surged on the news, prices on the London Metal Exchange (LME) fell Wednesday, as traders bet the proposed tariff could dent global demand for the metal. The US imports about 60% of its copper, primarily from Chile, while the rest is met through domestic mining and recycled materials.