US President Donald Trump’s first wave of copper tariffs will hit imports valued at more than $15 billion last year, highlighting the potential inflationary impact on American buyers.

Copper products were hit with a 50% tariff on Aug. 1, and it's expected to significantly drive up construction costs.

The president stopped short of putting a 50 percent tariff on refined copper, as he had threatened earlier this year. The market reaction was swift anyway and prices tumbled.