U.S. President Donald Trump announced on Wednesday a new 50% tariff on copper to start on August 1 in a bid to promote domestic development of an industry critical to defense, electronics and automobiles.

President Donald Trump said his 50% tariff on copper imports will take effect on Aug. 1, noting he made the decision after a national security assessment.

Trump’s new tariff letters have sent shockwaves across global markets as he targets 22 countries with tough new trade threats just weeks before the August 1 deadline. From close allies like Japan and South Korea to BRICS nations like Brazil and South Africa,

President Trump's move to impose a 50% tariff on U.S. copper imports targets a vital metal that is widely used in many products and industries. That could lead to higher prices for everything from appliances and electronics to cars and home repairs,