Copper is used in a wide variety of products from electronics, wiring, machinery and cars. The U.S. produces a majority of the copper it uses but still imports large quantities, primarily from

Manufacturers and construction companies — as well as consumers — would face higher prices if the U.S. jacks up tariffs on copper, analysts said.

President Trump wants America to produce more of the much-needed mineral, but a 50 percent tariff could undermine his aim of a manufacturing renaissance.

Freeport-McMoRan could see a $1.6-billion boost to annual profit if President Donald Trump's copper tariff materializes, a benefit driven by the firm's role as the largest U.S. producer with more expansion options than rivals.

Craig Hutchison, TD Cowen base metals equity research analyst, joins 'Squawk Box' to discuss which stocks can benefit from Section 232 tariffs, the broader goal of tariffs on copper and much more.