Copper declined after US President Donald Trump said he planned to impose import tariffs on the metal, as well as aluminum and steel, raising fears of trade wars and spurring further gains in the dollar.

MELBOURNE (Reuters) -President Donald Trump's vow of tariffs on U.S. copper and aluminium imports would result in higher costs for local consumers because of a shortfall of domestic production and the length of time it would take to renew the industry, analysts and industry participants said on Tuesday.

The Financial Times reported that Treasury Secretary Scott Bessent is pushing for universal tariffs starting at 2.5% and rising gradually.

President Donald Trump's threat to impose tariffs on U.S. copper and aluminium imports will result in higher costs for local consumers because of a shortfall in domestic production, analysts and industry participants said on Tuesday.