US President Donald Trump’s first wave of copper tariffs will hit imports valued at more than $15 billion last year, highlighting the potential inflationary impact on American manufacturers.

The president stopped short of putting a 50 percent tariff on refined copper, as he had threatened earlier this year. The market reaction was swift anyway and prices tumbled.

U.S. copper prices plunged after President Trump unveiled 50% tariffs on copper products, but not on the raw material itself. Copper prices surged to records this month after Trump said he would impos