President Trump is amping up trade threats, again unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

President Trump wants America to produce more of the much-needed mineral, but a 50 percent tariff could undermine his aim of a manufacturing renaissance.

What Happened in Markets Today Copper prices—and mining stocks—rose after Trump confirmed a 50% tariff on the metal will take effect Aug. 1. Prices for the [metal hit record highs](

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.

SANTIAGO (Reuters) -Copper production from Chilean state-run miner Codelco ticked up some 16.5% year-over-year in May, data from copper commission Cochilco showed on Thursday, climbing to 130,100 metric tons.

Reports of copper theft from trucks are rising even faster than the price of the metal, which is used in products ranging from cars to construction materials. The benchmark futures price in the U.S. hit an all-time high this week after President Trump said tariffs of 50% on copper imports would take effect on Aug. 1.

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.

Copper futures (HG1:COM) extended their rally on Thursday, rising around 2% as traders reacted to U.S. President Donald Trump’s announcement of a 50% tariff on imported copper, set to take effect on August 1.