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

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.

Trump also said he would soon announce tariffs “at a very, very high rate, like 200%,” on pharmaceutical imports.