Copper futures in New York surged after US President Donald Trump said he planned to implement a 50% tariff on imports of the commodity, a move that’s likely to spark massive supply-chain ripples through global metal markets.

Copper entering the US from other countries is set to face a new tax of 50%, President Donald Trump has said. The decision carries through on tariff threats he made earlier this year, when he ordered an investigation into how imports of the metal were affecting national security.

Chile, the world's No. 1 copper producer, is in wait-and-see mode after U.S. President Donald Trump announced a surprise 50% tariff on imports of the red metal, with the Andean nation blindsided while its top miner held out hope of exemptions.