While the cost of copper is going up for American businesses and consumers, the rest of the world is scratching its head while it enjoys a considerable discount on the price of copper.

Futures contracts hit a record price after the president announced plans for a 50 percent tariff on the metal, driving up costs for businesses.

President Trump's threatened 50% copper tariffs have boosted prices for the metal in the U.S. far ahead of anywhere else, lifting the premium to roughly one quarter. Copper futures mainly trad

The price of copper moved upward sharply yesterday after Trump said he thought imports should be taxed at 50%. He also said pharmaceuticals should be tariffed at 200%. The U.S. is not self-sufficient in either product—which would make life more expensive for Americans if Trump follows through with his plans.