Tariffs, if they are imposed, could boost U.S. production of a valuable resource but also raise costs for automakers, construction companies and others.

Another industrial metal is in the spotlight, once again due to President Trump. Copper prices are rallying after Trump instructed the Commerce Department to investigate imposing tariffs on imports of the metal.

President Donald Trump has signed an executive action directing the Commerce Department to examine possible copper tariffs, the latest in a string of measures aimed at imposing sector-specific levies that could reshape global supply chains.