Freeport-McMoRan Stock Jumps as Trump Says He’ll Impose 50% Copper Import Tariff

Shares of American metals firm Freeport-McMoRan (FCX) surged Tuesday as President Donald Trump said at a Cabinet meeting that he would impose a 50% tariff on copper imports.

“Today, we’re doing copper,” Trump said. “I believe the tariff on copper, we’re going to make it 50%.”

The price of September copper futures jumped nearly 10% in recent trading to $5.5511 per pound following Trump’s comments.

The Phoenix-based Freeport-McMoRan is one of the world’s largest producers of copper and gold, with operations in North America, South America, and Indonesia. Its shares were little changed at around $45 until Trump’s statement, then popped to more than $49. The stock recently was up about 5% just above $47.

CORRECTION—This article has been updated since it was first published to reflect Freeport-McMoRan’s stock jumped to over $49 before hovering near $47 in recent trading.