U.S. President Donald Trump said on Tuesday that he will impose a new tariff of 50% on all copper imported into the United States. However, it is still unknown when the measure will take effect.

"Today we go with copper," he said during a cabinet meeting, adding that he believes the rate will be 50%.

This would be the fourth widespread tariff that Trump imposes during his second term. Currently, most imported cars and auto parts face a tariff of 25%, while imported steel and aluminum have tariffs of 50%.

The White House did not immediately respond to CNN regarding Trump's timeline for imposing tariffs on copper.

In February, Trump ordered an investigation under Section 232 on copper imports, under a law that grants him the authority to impose higher tariffs for national security reasons.

Copper is a crucial component in a variety of products, including electronics, machinery, and automobiles. Tariffs on copper could drive up those goods' prices for American consumers. Last year, the United States imported copper worth US$$ 17.000 billion, according to data from the Department of Commerce. Chile was the largest foreign supplier of the metal, with exports worth US$$ 6.000 billion.

Copper prices soared to record levels after Trump announced his intention to impose tariffs on the so-called "red metal." The most traded copper futures contract in New York surged by up to 15% and reached a historic high of US$$ 5.66 per pound. #TrumpTariffs