Shares in Antofagasta PLC (LSE: ANTO) dipped sharply as markets reacted to President Trump’s surprise proposal of a 50% tariff on copper imports.

Despite a surge in U.S. copper futures—fueled by a rush to front-load shipments ahead of the potential levies—Antofagasta’s stock dropped as much as 3%. The Chilean miner, which exports significant volumes of copper to the U.S., faces heightened uncertainty under the proposed trade measure.

The tariff threat, aimed at boosting domestic production, has triggered volatility across global copper markets. While New York copper prices jumped to a strong premium over London benchmarks, analysts warned the move could dent American demand and disrupt international supply chains.

For foreign producers like Antofagasta, the risk is twofold: potential loss of market share and pressure to cut prices, which could erode margins despite the current price rally.

Investors reacted swiftly to the policy risk, sending Antofagasta shares down 44p to 1,874.25p amid broader market unease.

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