Trump ordered an earlier investigation into possible tariffs on copper imports, arguing global competitors could pose a threat to national security and economic stability.

President Donald Trump announced a 50% tariff on copper imports on Tueday, a move aimed at bolstering domestic production and reducing U.S. reliance on foreign supplies, particularly from Chile, which accounts for nearly 35% of U.S. copper imports.

PwC estimates that about a third of the global semiconductor production is under threat of supply disruptions caused by climate change.

Mark Bristow, CEO of Barrick Mining Corp, reiterated the copper miners' bullish outlook on the metal's future in Zambia.

The White House initiated a Section 232 investigation in February, allowing the president to impose tariffs on national security grounds. Trump stated that a “robust” assessment confirmed the need for tariffs to safeguard US copper production.

While the cost of copper is going up for American businesses and consumers, the rest of the world is scratching its head while it enjoys a considerable discount on the price of copper.