U.S. President Donald Trump on Tuesday said he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening his trade war that has rattled markets worldwide.

Copper futures in New York surged after US President Donald Trump said he planned to implement a 50% tariff on imports of the commodity, a move that’s likely to spark massive supply-chain ripples through global metal markets.

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