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.

President Donald Trump said Tuesday he’s imposing a new 50% tariff on all copper imported into the US. However, it’s unclear when the new tariff would take effect. “Today we’re doing copper,” he said at a Cabinet meeting,

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.

Stocks fell on Wall Street as the Trump administration stepped up pressure on trading partners to make deals before punishing tariffs imposed by the U.S. take effect. The S&P 500 lost 0.8% Monday.