Mining stocks rallied in pre-market trading Thursday after President Trump confirmed the U.S. will impose 50% tariffs on global copper imports beginning August 1, the day he has scheduled his "reciprocal" tariffs to go into effect.

Copper futures rose dramatically following President Trump's plan for a 50% import tariff, pushing domestic prices to a 25% premium over global markets amid growing demand.

U.S. President Donald Trump's announcement of a proposed 50% tariff on copper imports has raised concerns in Chile and Peru, which together account for nearly 40% of global copper production.

Copper futures (HG1:COM) extended their rally on Thursday, rising around 2% as traders reacted to U.S. President Donald Trump’s announcement of a 50% tariff on imported copper, set to take effect on August 1.

President Trump is threatening new 50% tariffs on copper and up to 200% on pharmaceutical imports. He also announced new tariffs on six countries. NBC News' Vaughn Hillyard reports the latest. Veda Partners Managing Partner Henrietta Treyz and University of Michigan Professor of Economics and Public Policy Justin Wolfers join Katy Tur to break down the economic impact of Trump's policies on Americans.

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.

U.S. President Donald Trump's 50% tariff on copper has placed a record premium on prices of the metal in the United States that is likely to ease over the coming months as a stockpile created by traders anticipating the levy works through the system.

U.S. stock futures are higher as investors eye President Donald Trump's next tariff move and minutes from the last Federal Reserve policy meeting.