Utah is well-positioned to benefit from a potential new tariff on U.S. copper imports thanks to it's rich natural resources and investment-friendly mining incentives.

Berner agrees that higher copper tariffs will bring up prices for U.S. homebuilders. This would leave them with two options: pass on the additional costs to homebuyers or build less, a move that is likely to exacerbate the country's ongoing shortage.

Trump announced a 50% tariff on copper imports Tuesday, triggering a jump in U.S. copper prices that could cause an increase in metal theft.