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 futures rose in New York on Tuesday while contracts fell on the London Metal Exchange, after President Trump specifically mentioned copper, aluminum and steel in his latest tariff threats in a speech Monday.

The dollar index (DXY00) today is up by +0.49%. The dollar is climbing today on Monday night’s comments from President Trump, who said he was considering tariffs on everything from steel and copper to semiconductor chips and that he wants universal tariffs at “much bigger” than 2.