President Donald Trump said a new 50% tariff on all copper imports will come Tuesday. However, he did not specify when the new tariff would take effect.

President Donald Trump said on Tuesday he will announce a 50% tariff on copper later in the day, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.

U.S. copper prices vaulted to an all-time high Tuesday after President Trump said Washington will slap imports of the metal with a 50% tax. Futures contracts for the metal--key for electrical wiring,