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.

Copper dropped below $8,000/t in yesterday’s trading session after US President Donald Trump’s latest in a series of tariff threats, ING’s commodity analysts Ewa Manthey and Warren Patterson note.