Trump announces 50% copper tariffs

(CNN)– President Trump has announced a 50% tariff on all copper imports that takes effect august first.

Trump previewed the tariff in a cabinet meeting earlier this week.

In a late Wednesday social media post, the president said the move will help the country build a “dominant copper industry.”

According to the London Stock Exchange, America imports about half of the copper it uses with most coming from China, Chile, Japan and the Congo.

Copper is a key component in a variety of goods including electronics, batteries, and defense equipment.