WASHINGTON – President Donald Trump said he will announce a 50% tariff on imported copper on Tuesday, an effort to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.

U.S. Comex copper futures jumped more than 10% after the announcement.

Trump told reporters at a White House cabinet meeting that he planned to make the copper tariff announcement later in the day but he did not say when the tariff would take effect.

The Trump administration announced a so-called Section 232 investigation into U.S. imports of the red metal in February. The deadline for the investigation to conclude is in November.

The National Mining Association and the American Critical Minerals Association did not immediately respond to requests for comment.

Freeport-McMoRan, the largest U.S. copper producer, did not immediately respond to request for comment.

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(Reporting By Andrea Shalal and Jarrett Renshaw; Editing by Franklin Paul and Cynthia Osterman)