Copper futures in New York surged after US President Donald Trump said he planned to implement a 50% tariff on imports of the commodity, a move that’s likely to spark massive supply-chain ripples through global metal markets.

Just a few trade deals have been announced since Trump’s “Liberation Day” tariff announcement on April 2, which he then paused a few days later, including deals with the United Kingdom and Vietnam. A current deal with China is temporary and expires in August, slightly after the deadline now applied to other countries.