After Donald Trump's statement about imposing a 50% tariff on copper imports, metal prices in the U.S. surged by 13% and reached a record $5.69 per pound.
The main blow may fall on Chile — the world's largest copper producer, whose exports to the U.S. are under threat. The new rules are aimed at stimulating domestic copper production in the U.S.; however, as experts note, the country lacks the resources for self-sufficiency. Now, Chile and other major exporters will strive to conclude trade agreements to mitigate the impact of the new tariffs.