Chile, the world's No. 1 copper producer, is in wait-and-see mode after U.S. President Donald Trump announced a surprise 50% tariff on imports of the red metal, with the Andean nation blindsided while its top miner held out hope of exemptions.

Chile, by far the biggest shipper of copper into the US, is waiting for details to emerge following President’s Donald Trump’s bombshell comments on tariffs.

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,