Prices for the metal hit a record high after the president suggested a higher rate than many analysts were expecting.

Copper futures in New York surged after US President Donald Trump said he planned to implement a 50% tariff on imports, a move that’s likely to spark massive supply-chain ripples through global metal markets.

Trump announced a 50% tariff on copper imports Tuesday, triggering a jump in U.S. copper prices that could cause an increase in metal theft.