U.S. President Donald Trump said Tuesday he will impose a 50 percent tariff on copper imports and reiterated he will soon unleash new sector-based duties, including those aimed at protecting the American pharmaceutical and semiconductor industries.

Copper futures on the Comex surged as much as 17% after US President Donald Trump said he planned to implement a 50% tariff on imports of the metal.

U.S. copper prices vaulted to an all-time high Tuesday after President Trump said Washington will slap imports of the metal with a 50% tax. Futures contracts for the metal--key for electrical wiring,