President Donald Trump said Tuesday he’s imposing a new 50% tariff on all copper. However, it’s unclear when the new tariff would take effect.

President Donald Trump said he planned to implement a 50% duty on copper imports as part of a set of looming sectoral tariffs, while also indicating he could offer pharmaceutical manufacturers at least a year before applying a crippling 200% tariff on their foreign-made products.

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.