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.

Chile's foreign ministry said on Wednesday that it is "monitoring" a U.S. probe looking into potential new tariffs on imports of copper, a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.

President Donald Trump has signed an executive action directing the Commerce Department to examine possible copper tariffs, the latest in a string of measures aimed at imposing sector-specific levies that could reshape global supply chains.

The move aims to boost U.S. production of the metal, which is essential for electric vehicles, military equipment, the power grid, and various consumer products.