The Financial Times reported that Treasury Secretary Scott Bessent is pushing for universal tariffs starting at 2.5% and rising gradually.

MELBOURNE (Reuters) -President Donald Trump's vow of tariffs on U.S. copper and aluminium imports would result in higher costs for local consumers because of a shortfall of domestic production and the length of time it would take to renew the industry, analysts and industry participants said on Tuesday.

Copper dropped below $8,000/t in yesterday’s trading session after US President Donald Trump’s latest in a series of tariff threats, ING’s commodity analysts Ewa Manthey and Warren Patterson note.

Copper edged lower after US President Donald Trump said he planned to impose import tariffs on the metal, as well as aluminum and steel, raising fears of trade wars and aiding the dollar.Most Read from BloombergWhat Happened to Hanging Out on the Street?

Copper futures rose in New York on Tuesday while contracts fell on the London Metal Exchange, after President Trump specifically mentioned copper, aluminum and steel in his latest tariff threats in a speech Monday.

Analysts and industry participants said on Tuesday that President Donald Trump’s promised tariffs on US copper and aluminium imports would lead to higher costs for American consumers, according to a Reuters report.