Copper rallied in New York and slumped in London after President Donald Trump pledged import tariffs that risk raising costs for American manufacturers while dampening global demand.

President Donald Trump's threat to impose tariffs on U.S. copper and aluminium imports will result in higher costs for local consumers because of a shortfall in domestic production, analysts and industry participants said on Tuesday.

Market participants said President Trump's promised tariffs on US copper and aluminium imports would lead to higher costs for consumers.

The Financial Times reported that Treasury Secretary Scott Bessent is pushing for universal tariffs starting at 2.5% and rising gradually.

President Donald Trump’s vow of tariffs on US copper and aluminum imports would result in higher costs for local consumers because of a shortfall of domestic production and the length of time it would take to renew the industry, analysts and industry participants said on Tuesday.