The president was following through on an earlier statement that he would target a key metal used for semiconductors, lithium ion batteries and more.

The United States will introduce 50% tariffs on all goods imported from Brazil starting on August 1, President Donald Trump announced on July 10 on his Truth Social platform. The new measures also include a 50% duty on all copper imports to the US.

Prices for the metal hit a record high after the president suggested a higher rate than many analysts were expecting.