U.S. President Donald Trump announced on Wednesday a 50% tariff on copper, saying on social media that it would be effective August 1 and that the decision was made after a national security assessment.

President Trump's tariff letters from earlier this week would push up the effective U.S. tariff rate to nearly 20% over time, up from closer to 17%, according to Oxford Economics. "So far, only two trade deals – with the UK and Vietnam – have been announced,