CHEYENNE, Wyo. — President Donald Trump is taking a step toward granting the U.S. mining industry’s biggest wishes by singling out one metal as a focus of his domestic minerals policy: copper.

An executive order mandates a review of the threats posed by over-reliance on foreign copper, and recommendations for increasing domestic supply.

Copper futures surged after President Donald Trump ordered the US Commerce Department to examine possible imports tariffs on all forms of the metal.

WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday opened yet another front in his assault on global trade norms, ordering a new probe into possible new tariffs on copper imports to rebuild U.S. production of a metal critical to electric vehicles, military hardware, semiconductors and a wide range of consumer goods.

President Donald Trump has initiated a probe into potential new tariffs on copper imports to bolster U.S. production of the metal, crucial for electric vehicles and military hardware. This action is seen as a counter to China's dominance in copper production.

The world’s top commodity traders are rushing to ship copper to the US from as far afield as Asia as Donald Trump’s threat of import tariffs on the metal creates a huge opportunity for profit.

The US President's copper imports investigation has contributed to rapidly escalating global trade tensions. The metal is a vital component in a number of products, and is also important for the green transition.