U.S. President Donald Trump's announcement of a proposed 50% tariff on copper imports has raised concerns in Chile and Peru, which together account for nearly 40% of global copper production. Copper prices in New York rose an average of 12% after the news,

RIC:COBRE.UL] ticked up some 16.5% year-over-year in May, data from copper commission Cochilco showed on Thursday, climbing to 130,100 metric tons.

India is actively negotiating with Chile and Peru to secure long-term access to critical minerals, especially copper concentrate, as part of ongoing free trade agreement (FTA) talks, according to a Reuters report.

India is holding talks with Chile and Peru to source critical minerals under ongoing free trade pact negotiations, a trade ministry source said on Tuesday.

Chilean copper mines had their best month of export revenue in more than three years in June, with the increase in value outstripping price gains in a sign of rising production.

Decades-long timelines from discovery to first production are a major roadblock for Trump White House plans to spur U.S. copper mining, says Daniel Yergin.

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.

The previously announced copper tariff caught Chile by surprise despite some market expectations of trade restrictions. As the world’s largest copper producer, Chile exports approximately USD 6 billion in copper to the United States annually, representing about 12% of its total copper exports of USD 50 billion.