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%Copper prices are surging on news that the administration of U.S. President Donald Trump is preparing to levy 25% import tariffs on the red industrial metal.

The price of copper is up more than 5% in New York trading as Trump doubles down on his threat to subject the metal to new duties.

Last week, Trump announced that the U.S. Commerce Department would investigate copper imports on national security grounds, leading to a global rally in prices.

The investigation was initially expected to take months to complete, but now Trump is saying that he has ordered copper to receive a 25% tariff alongside aluminum and steel.

However, while the U.S. president has signed an executive order to impose a 25% levy on aluminum and steel imports starting March 12, it’s not clear if copper is included.

Reagrdless, the threat of a 25% tariff has been enough to send copper prices higher both in New York and on the London Metal Exchange.

Suppliers are scrambling to ship copper to the U.S. before any tariffs are imposed, and commodities traders are ratcheting the price higher amid frantic trading.

Copper’s price is currently at $9,500 U.S. a ton in London. At the same time, requests to withdraw copper from the London Metal Exchange have reportedly skyrocketed.

An effective conductor of electricity, copper is widely used in electronics, construction, and manufacturing around the world.