Copper rallied in New York and slumped in London after President Donald Trump pledged import tariffs that risk raising costs for American manufacturers while dampening global demand.

President Donald Trump's threat to impose tariffs on U.S. copper and aluminium imports will result in higher costs for local consumers because of a shortfall in domestic production, analysts and industry participants said on Tuesday.

Analysts and industry participants said on Tuesday that President Donald Trump’s promised tariffs on US copper and aluminium imports would lead to higher costs for American consumers, according to a Reuters report.