Freeport-McMoRan Stock Jumps as Trump Says He’ll Impose 50% Copper Import Tariff
Shares of American metals firm Freeport-McMoRan (FCX[1]) 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.