Manufacturers and construction companies — as well as consumers — would face higher prices if the U.S. jacks up tariffs on copper, analysts said.

The U.S. will impose 50% tariffs on global imports of copper effective on Aug. 1, President Trump posted online on Wednesday. Trump on Tuesday told reporters that he would set the 50% tariff on the metal,

President Trump will wield 50% copper tariffs on August 1 as he promises more to come with countries such as Brazil in the crosshairs. Nvidia scores the first $4 trillion market cap milestone, lifting the Nasdaq to a record.

Trump said on Tuesday that he would impose a 50% tariff on copper. Though the remarks were light on specifics, his comments sent the metal to all-time highs.

U.S. President Donald Trump's announcement of a proposed 50% tariff on copper imports has raised concerns in Chile and Peru, which together account for nearly 40% of global copper production.

Comex copper turns lower a day after President Trump announced a higher than expected 50% tariff on copper imports that caused a record spike in US futures and a drop in the global benchmark

Fed minutes and copper are in focus Wednesday as stocks look to shake of tariff anxiety and rally to fresh record highs.

Trade tensions and demand worries are among catalysts contributing to recent dip in copper prices. - However, weakness in the industrial metal may be short-lived as the long-term outlook still shines.