U.S. President Donald Trump's plans to impose 50% tariffs on copper would include semi-finished products such as those used for power grids, the military and data centers, Bloomberg News reported on Thursday,

Freeport McMoRan, Southern Copper, Newmont, Rio Tinto, and BHP were all rising Thursday after President Donald Trump said a new 50% tariff on copper will take effect on Aug.1.

🤦🏼♀️ Good god, Trump is actively trying to destroy whole industries on his way out the door. Forget the defense industry, this decimates the construction industry. Between his tariffs on lumber, steel, and COVID his first term — how many times can he screw over builders his second… https://t.co/9HFPYELoVj

Copper shipments into the United States are expected to accelerate in the coming weeks in a final scramble to get metal across the border before U.S. President Donald Trump's higher than expected 50% tariff on imported copper takes effect.

President Donald Trump's threats to impose high tariffs on countries make U.S. trading partners and investors nervous. But his sector tariffs could hurt consumers and businesses more in the long run.