Copper futures in New York surged after US President Donald Trump said he planned to implement a 50% tariff on imports, a move that’s likely to spark massive supply-chain ripples through global metal markets.

Prices for the metal hit a record high after the president suggested a higher rate than many analysts were expecting.

U.S. copper prices vaulted to an all-time high Tuesday after President Trump said Washington would slap imports of the metal [with a 50% tax](