Prices for the metal hit a record high after the president suggested a higher rate than many analysts were expecting.

Trump announced a 50% tariff on copper imports Tuesday, triggering a jump in U.S. copper prices that could cause an increase in metal theft.

President Claudia Sheinbaum said on Wednesday Mexico could redirect the copper it typically sends to the U.S. to avoid tariffs from the Trump administration, while her Chilean counterpart Gabriel Boric said he had yet to hear from the U.