Trump said on Tuesday that he would impose a 50% tariff on copper. Though the remarks were light on specifics, his comments sent the metal to all-time highs.

Prices for the metal hit a record high after the president suggested a higher rate than many analysts were expecting.

President Claudia Sheinbaum said on Wednesday Mexico could redirect the copper it typically sends to the U.S. to avoid tariffs from the Trump administration, while her Chilean counterpart Gabriel Boric said he had yet to hear from the U.