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.

Prices for the metal hit a record high after the president suggested a higher rate than many analysts were expecting.