U.S. President Donald Trump's plans to impose 50% tariffs on copper would include semi-finished products such as those used for power grids, the military and data centers, Bloomberg News reported on Thursday,

President Trump’s ever-swerving tariff regime has taken more sharp turns in recent days.On July 7, his administration pushed back some of its most punishing duties by three more weeks to August, following a 90-day delay.

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

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.

Investors have had their fair share of things to digest this week. Trump the tariff man has returned in force. The president slapped a 50% tariff on copper imports, powering shares of metals play Freeport-McMoRan (FCX) up almost 5% on the week.

Following the passage of its tax cut and spending bill last week, the Trump administration promised more trade deals

Brazilian President Luiz Inacio Lula da Silva responded to Trump's letter by issuing a statement saying that any unilateral measure to increase tariffs would be met with a response in accordance with Brazilian law.