Copper futures rose dramatically following President Trump's plan for a 50% import tariff, pushing domestic prices to a 25% premium over global markets amid growing demand.

President Donald Trump mentioned Tuesday — almost in passing — that he planned to impose a 50% tariff on copper imports. It still hit like a bombshell, with potential to shake up U.S. efforts to expand, develop and deploy artificial intelligence.

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.