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, the top copper producer, faces uncertainty after President Trump's unexpected 50% tariff on copper imports. Chilean state miner Codelco, led by Maximo Pacheco, seeks clarity on which copper products are impacted and hopes for exemptions.

President Donald Trump said on Tuesday he will announce a 50% tariff on copper later in the day, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.