President Donald Trump says he will put a 50% tariff on copper imports before noting the value of the versatile metal.

Global copper traders are offering cargoes to Chinese buyers as they look to offload metal no longer able to reach the U.S. before President Donald Trump's 50% copper tariff deadline. Trump said late on Wednesday he would impose the new tariff from August 1 to promote domestic production of everything from semiconductors to ammunition.

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