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.

The Aug. 1 deadline for Trump's 50% copper tariffs signals the endgame for the most profitable trade that industry veterans say they have ever seen.

Copper futures dropped over 2% to $5.46 per pound on Friday, despite being poised for a weekly gain of around 10% with analysts at BMI pointing to sudden shifts in U.S. trade policy.

Copper prices—and mining stocks—rose after President Trump confirmed a 50% tariff on the metal will take effect Aug. 1. Prices for the metal hit record highs earli

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

President Trump wants America to produce more of the much-needed mineral, but a 50 percent tariff could undermine his aim of a manufacturing renaissance.

The Houghton County Historical Society has restored and recertified the Calumet & Hecla Mine #3 Steam Locomotive. Visitors can hop aboard for a short but memorable ride through the heart of Michigan’s Copper Country. The half-mile ride tours the scenic museum grounds in Lake Linden.

Copper is used in many everyday items such as electronics, cars and appliances.