U.S. President Donald Trump announced on Wednesday a new 50% tariff on copper to start on August 1 in a bid to promote domestic development of an industry critical to defense, electronics and automobiles.

President Donald Trump said his 50% tariff on copper imports will take effect on Aug. 1, noting he made the decision after a national security assessment.

President Trump's move to impose a 50% tariff on U.S. copper imports targets a vital metal that is widely used in many products and industries. That could lead to higher prices for everything from appliances and electronics to cars and home repairs,

President Trump’s 50% tariffs on copper, due to start August 1, are causing unusual distortions in the metal markets. Copper is now 25% more expensive in New York than London. And there’s a rally in copper scrap.

A nother deadline passed on Wednesday without President Donald Trump following through on his threats to impose new tariffs. It was 90 days ago that Trump had announced an abrupt pause in his plan to levy new tariffs on countries around the world.

President Donald Trump said “no extensions will be granted” to his Aug. 1 tariff deadline in a Tuesday social media post, the latest bit of uncertainty over when his tariffs will go into effect. “There has been no change to this date,

In the letters, President Trump warned countries that they would face even higher tariffs if they retaliated by increasing their own import taxes.