Trump said the U.S. would raise tariffs on copper to 50%.

President Donald Trump said copper entering the U.S. from other countries will face a new 50% tax.

The decision investigated the tariff threat he raised earlier this year when he ordered an investigation into how metal imports affect national security.

Similar investigations are also imminent, including medicines, semiconductors and wood, part of a wide range of tariffs Trump claims will protect and promote U.S. industry.

Copper prices in the United States rose after the announcement of new import taxes. Commerce Secretary Howard Lutnick said he is expected to take effect by the end of this month.

Lutnick said he hopes Trump signs the documents in the next few days to formalize the decision.

“We are doing copper today,” Trump said. “We will make it 50%.

The United States imported about 810,000 metric tons of refined copper last year, accounting for about half of its consumption. According to the U.S. Geological Survey.

Chile is the largest supplier, followed by Canada.

Metals are a key component of military equipment, electric vehicles and buildings. Current U.S. copper tariff rates are usually well below 50%.

The new 50% interest rate will match the recent tax imposed on steel products, but higher than many in the industry expects.

Some in the industry said they want to see the final order before they speak up, noting that certain countries and products may receive waivers.

“We have to see if this applies to all countries,” said the chairman of Codelco, a state-run copper producer in Chile.

Scott Lincicome, vice president of economics and trade at Cato College, said the announcement seemed “more the same” – inspiring uncertainty while making it “very clear” that a higher tariff is coming.

“We’re going to get some sort of historically high U.S. tariff level – we’re really just quarreling on exact numbers and reports,” he said.

Trump’s copper plan emerges because the White House is also preparing to increase tariffs on goods from August 1 onwards.

Trump has imposed 10% tariffs on most products, but he has canceled more aggressive plans after financial markets retreated from steep American tariffs and business groups.

Trump sent letters to leaders of 14 countries, including South Korea and Japan, warning them of plans to propose new taxes, ranging from 25% to 40%.

Many trading partners still hope to close deals by August 1.

Trump said on Tuesday that EU talks were good and he had “probably two days” to send a letter revealing the new tariff rate.

In the UK, steel mills are eagerly waiting to hear whether they can avoid 50% tariffs on their products.

The United States and the United Kingdom agreed in May that the United States would allow British steel and aluminum to be free of tariffs, up to a certainty, as part of a broader tariff agreement.

Although the deal came into effect last month, the tariff reduction for metals has not yet been determined.

Currently, steel and aluminum products arriving from the UK on the U.S. coast still have to pay a 25% import tax, which could double if the transaction between the two countries is not implemented by July 9.

The White House did not respond to requests for comment on the status of these talks.

Trump also said in his speech that he plans to move forward with up to 200% drug tariffs, but said he will give the industry at least a year to adjust.

Other reports by Oliver Smith