The White House stated that US President Donald Trump signed a "Proclamation" related to metal tariffs.
The US will impose a 25% tariff on steel, aluminum, and copper derivatives.
The metal derivatives tariff applies to items with at least 15% metal content.
Concurrently, the US will impose a 100% tariff on patented drugs, but will "adhere to" exemption clauses.
Tariffs on drugs for large corporations will take effect in 120 days, and for small corporations in 180 days.
The S&P is currently down 0.07%, the Dow is down 0.18%, and the Nasdaq is down 0.09%. Freeport's stock rapidly extended its gains to 1.3%.
COMEX copper futures extended their gains to 1.4%.