One of China’s biggest copper fabricators is set to reap a windfall from President Donald Trump’s efforts to boost US production of the metal.

Zhejiang Hailiang Co., a major manufacturer of copper tubes used in autos, airconditioning and plumbing, might seem an unlikely winner from “America First” protectionism. But its stock has jumped nearly 20% since the Trump administration imposed tariffs at the end of July on imports valued at more than $15-billion last year.

While Washington and Beijing joust over trade, investors have zeroed in on Hailiang’s footprint in the US. The company said in 2020 it’s aiming for 100 000 t of annual capacity at its plant in Houston. The factory had 30 000 t as of last year. In an emailed response to questions, Hailiang said last week the expansion is proceeding, without elaborating.

The firm’s shares have outperformed other Chinese copper producers, as well as the broader CSI 300 Index, which has fallen slightly over the period. Hailiang’s total annual capacity is around 1.5-million tons.

The 50% duty on semi-finished copper, which will disrupt sales to the US while putting a premium on metal fashioned locally, may only be the first step in a Trump-led realignment of the global copper industry. The White House also ordered officials to come up with a plan in 90 days to slap tariffs on an array of other copper-intensive goods.

The US imported at least 600 000 t of semi-finished copper last year. That’s nearly a third of its total demand, according to Citic Securities Co. As those imports become more costly, Hailiang’s US factory is expected to deliver “exceptional profits,” the brokerage said in a note.

The plant in Houston is part of a network that also includes bases in Indonesia and Morocco. Although China is the world’s biggest market for copper, the company has expanded internationally to hedge against a slowing economy at home and the risks posed by trade hostilities with western countries.

The effort may now be about to pay off after an earlier stumble. The Houston plant suffered a net loss of 35-million yuan ($4.9-million) last year due to higher labor and material costs, and expenses related to its expansion, according to Hailiang’s earnings report. That was a weight on companywide net income, which dropped 37% to 703-million yuan.

The company could also benefit from its proposed acquisition of a domestic peer. It said in December it planned to buy an undisclosed stake in Golden Dragon Precise Copper Tube Group, which also has a copper tube plant in Pine Hill, Alabama.