Trump slaps universal 50% tariff on copper imports; metal's price plunges

In this article@HG.1 your favorite stocksCREATE FREE ACCOUNTCopper pipes are displayed in a rebuilding store on July 9, 2025 in New York City.Spencer Platt | Getty ImagesPresident Donald Trump on Wednesday signed on order imposing a universal 50% tariff on copper imports, the metal he has targeted with a steep import tax.U.S. copper prices plunged as much as 18% in after-hours trading as soon as the White House announced the new tariff rate

Copper miners Freeport-McMoRan and Southern Copper were down 10% and more than 6%, respectively.The sell-off, if it holds through Thursday's trading session, will mark the metal's largest single-day decline since 1989.The new, higher copper tariffs go into effect Friday, according to a fact sheet released by the White House.Read more CNBC coverageSenate Democrats seek Jeffrey Epstein files from Trump administration through obscure lawTrump announces 25% tariff on India plus 'penalty' for trade with RussiaDOJ urges release of Epstein and Maxwell grand jury info in new filingsTrump says Friday tariff deadline 'will not be ext'Bessent to U.S. es: 'Not the end of the world' if Apr. 2 tariffs kick inTrump says Jeffrey Epstein 'stole' Virginia Giuffre from Mar-a-Lago spaEPA seeks to repeal finding that carbon dioxide emissions threaten public healthNegotiators say Trump apval needed to extend U.S.-China tariff pauseLutnick: Trump trade, tariff deals with all but China will be 'done by Friday'Trump's trade deals for 'the world' will be 'done by Friday,' but China will take longer: LutnickThe Trump administration says that the new duties, which 50% U.S. tariffs already imposed on steel and aluminum, are aimed at boosting domestic industries and addressing "trade imbalances."But experts warn that they could raise prices on all s of ducts, ranging from construction materials to electronics, that utilize the versatile metal.And Trump's other sector-specific tariffs and trade investigations, which target imported autos, lumber and pharmaceuticals, could dampen overall U.S. growth, according to the Tax Foundation.Copper is the third-most-consumed metal, behind iron and aluminum

The U.S. imports nearly half of the copper it uses, most of which comes from Chile, according to data from the U.S

Please check back for .— CNBC's Spencer Kimball contributed to this report.