President Donald Trump escalated his trade war, imposing new tariffs on Brazil and announcing fresh duties on copper imports.

Trump on Tuesday said he would impose 50 per cent tariffs on copper imports, an announcement that reverberated across the market for the world’s most important industrial metal over the past two days. The US president also floated the idea of a 200 per cent tariff on pharmaceuticals.

Futures contracts hit a record price after the president announced plans for a 50 percent tariff on the metal, driving up costs for businesses.