U.S. President Donald Trump on Tuesday said he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening his trade war that has rattled markets worldwide.

Copper futures surged on the news, market the largest single-day dollar and percentage gain on record, according to Dow Jones Market Data.

The U.S. will impose 50% tariffs on copper, President Trump said during a Cabinet meeting on Tuesday, adding that an action on imports of the metal would be announced today. The U.S. will also soon impose tariffs of up to 200% on pharmaceuticals,

Trump sent letters to 14 countries threatening them with new tariffs, and the White House said more countries may be included in the coming days.

The letters listed a range of tariffs. Goods entering the U.S. from Japan, South Korea, Malaysia, Kazakhstan, and Tunisia will be subject to a 25 percent levy. There will be a 30 percent levy on South African and Bosnian goods, while imports from Indonesia will be subject to a 32 percent rate.

President Donald Trump has sent letters to 14 countries outlining higher tariffs they’ll face if they don’t make trade deals with the U.S. by Aug. 1