Chile, the world's No. 1 copper producer, is in wait-and-see mode after U.S. President Donald Trump announced a surprise 50% tariff on imports of the red metal, with the Andean nation blindsided while its top miner held out hope of exemptions.

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. Copper prices in New York rose an average of 12% after the news,

President Donald Trump on Wednesday affirmed that the United States will levy a 50 percent tariff on copper imports starting Aug. 1, following through on an earlier statement that he would target a key metal used for semiconductors, lithium-ion batteries, renewable energy technology and more.