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

While the cost of copper is going up for American businesses and consumers, the rest of the world is scratching its head while it enjoys a considerable discount on the price of copper.

President Donald Trump said his 50% tariff on copper imports will take effect on Aug. 1, noting he made the decision after a national security assessment.