Copper futures (HG1:COM) extended their rally on Thursday, rising around 2% as traders reacted to U.S. President Donald Trump’s announcement of a 50% tariff on imported copper, set to take effect on August 1.

The exchange with the South American nation suggests the U.S. president also sees trade as a tool to influence other policies of foreign countries.

Scavino is the third top official who, along with two others, sold Trump Media stock with the combined value of up to $10 million before tariffs news

Live updates and the latest news as the Trump administration is expected to announce new trade actions and Pete Hegseth and Benjamin Netanyahu meet

The president was following through on an earlier statement that he would target a key metal used for semiconductors, lithium ion batteries and more.

Ernie Tedeschi of The Budget Lab at Yale breaks down the tariff revenues released by the Trump's administration. He also discusses the Fed's dilemma as they balance future supply and demand side risks which are trending towards the upside.

President Trump will wield 50% copper tariffs on August 1 as he promises more to come with countries such as Brazil in the crosshairs. Nvidia scores the first $4 trillion market cap milestone, lifting the Nasdaq to a record.

Trump announced the United States would impose new tariffs on imports from several additional countries as part of his drive to reduce the trade deficit and promote fair trade.

President Trump's move to impose a 50% tariff on U.S. copper imports targets a vital metal that is widely used in many products and industries. That could lead to higher prices for everything from appliances and electronics to cars and home repairs,