U.S. President Donald Trump's threat of a 50% tariff on copper imports is raising alarm in the U.S. auto sector, as it could make it even harder for carmakers and suppliers to absorb border taxes and rising costs,

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.

Europe’s trade commissioner insists ‘we want to use every minute until 1 August to find a negotiated solution’.

Earlier this week, President Donald Trump sent ripples across the commodities sector with the announcement that he will impose a 50% tariff on copper imports. According to a CNBC report, Trump implied that additional sector-specific levies would be just over the horizon.

Copper is needed for many items we use every day, from wiring and plumbing in our homes to appliances and electronics.

The sector-specific tariffs are putting pressure on businesses and foreign nations as they try to navigate Trump's constantly evolving trade agenda.

An indicator of copper import demand in top consumer China jumped 38% on Wednesday, suggesting robust appetite for the metal, after U.S. President Donald Trump's plans for a 50% import tariff drove down benchmark prices in London.

President Donald Trump and his supporters point to encouraging economic indicators to argue that concerns about his tariffs are overblown. Skeptics, however, say it’s too soon to declare that all’s well.