AsianFin -- Copper futures in New York soared to an all-time high after former President Donald Trump announced plans to impose a 50% tariff on copper imports, stoking fears of widespread disruption across global metal markets and U.S. supply chains.

On Tuesday, copper contracts on the Comex exchange surged as much as 17%—marking the biggest single-day gain on record—before retreating over 4% during early Wednesday trading. The spike pushed U.S. copper prices to a staggering 24% premium over equivalent contracts traded in London, which traditionally sets the global benchmark for copper pricing.

As of 8:23 a.m. Shanghai time on Wednesday, Comex copper was trading at $5.5085 per pound, while prices on the London Metal Exchange dipped 1.7% to $9,627 per ton.

Trump’s proposed tariff, if enacted, is expected to ripple through key sectors of the U.S. economy, raising input costs for a wide range of industries that depend heavily on copper—including electronics, automotive, housing, renewable energy, and data infrastructure.

The dramatic market reaction underscores the sensitivity of global commodity prices to U.S. trade policy shifts, particularly amid already tight global copper supplies and accelerating demand from energy transition sectors.