Copper futures tumbled after the Trump administration imposed tariffs on copper imports but carved out an exemption for refined copper.

U.S. President Donald Trump on Wednesday signed a proclamation ordering tariffs on copper imports, citing national security, the White House said. The proclamation imposes a 50% tariff on semi-finished copper products and copper-intensive derivative products as of Aug.

WASHINGTON, DC — On July 30th, the White House issued a proclamation imposing a universal 50% tariff on imports of “semi-finished” copper products, including wires, sheets and pipes.