Goldman Sachs said on Wednesday that copper shipments into the United States are expected to accelerate in the coming weeks following U.S. President Donald Trump's announcement of a 50% tariff on imported copper.

Copper prices surged at a record pace to an all-time high after Donald Trump said he planned to impose 50pc tariffs on imports of the vital metal. US contracts of copper, an essential part of electrical cables and devices, climbed as much as 17pc to an all-time high after the President’s comments during a White House cabinet meeting.

U.S. President Donald Trump on Tuesday said he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening his trade war that has rattled markets worldwide.