Freeport-McMoRan could see a $1.6-billion boost to annual profit if President Donald Trump's copper tariff materializes, a benefit driven by the firm's role as the largest U.S. producer with more expansion options than rivals.

Manufacturers and construction companies — as well as consumers — would face higher prices if the U.S. jacks up tariffs on copper, analysts said.

Prices of copper in the US have surged since January, when President Donald Trump threatened to impose a tariff on imports of the metal that’s a vital component in power networks, plumbing and industrial machinery.

Copper futures rose dramatically following President Trump's plan for a 50% import tariff, pushing domestic prices to a 25% premium over global markets amid growing demand.

President Donald Trump said his 50% tariff on copper imports will take effect on Aug. 1, noting he made the decision after a national security assessment.

Michael Widmer, BoA Securities head of metals research, joins 'Money Movers' to discuss the market moves in the metal commodities space.

President Donald Trump announced on Wednesday night that the United States will impose a 50 percent tariff on copper, effective August 1. Trump wrote on Truth Social that he came to the decision after a "robust NATIONAL SECURITY ASSESSMENT."

The president was following through on an earlier statement that he would target a key metal used for semiconductors, lithium-ion batteries and more.

The U.S. will impose 50% tariffs on global imports of copper effective on Aug. 1, President Trump posted online on Wednesday. Trump on Tuesday told reporters that he would set the 50% tariff on the metal,

Craig Hutchison, TD Cowen base metals equity research analyst, joins 'Squawk Box' to discuss which stocks can benefit from Section 232 tariffs, the broader goal of tariffs on copper and much more.