Ivanhoe Mines founder Robert Friedland said the tariffs would cut America’s dependence on imported critical minerals at a time when self-sufficiency was crucial.

Earlier this week, President Donald Trump sent ripples across the commodities sector with the announcement that he will impose a 50% tariff on copper imports. According to a CNBC report, Trump implied that additional sector-specific levies would be just over the horizon.

While the cost of copper is going up for American businesses and consumers, the rest of the world is scratching its head while it enjoys a considerable discount on the price of copper.