Trump Declares Major Tariffs on Copper and Pharmaceuticals, Sending Markets Reeling

President Donald Trump has announced a sweeping new 50% tariff on all copper imported into the United States, a move that immediately sent copper prices surging to all-time highs. Speaking at a Cabinet meeting on Tuesday, President Trump confirmed the significant levy, though the exact implementation timeline remains unclear.

This marks the fourth broad tariff imposed by the Trump administration during its second term, following existing duties on imported cars, steel, and aluminum. The decision stems from a Section 232 investigation into copper imports, initiated in February, which grants the president authority to impose tariffs based on national security grounds. Economists and industry analysts warn that a 50% tariff on copper, a vital component in electronics, machinery, and vehicles, will significantly increase costs for American consumers and businesses. The U.S. imported $17 billion worth of copper last year, with Chile being the largest supplier.

In a further escalation of trade measures, President Trump also stated that 200% tariffs on pharmaceuticals are “coming very soon.” This aggressive stance aims to incentivize more domestic drug manufacturing, reducing reliance on foreign supply chains. Australia’s Treasurer Jim Chalmers expressed “urgent concern” on Wednesday, noting the significant exposure of their pharmaceutical industry to the U.S. market.

The announcements come as the administration extended its “reciprocal” tariff pause until August 1, amidst ongoing negotiations with various countries regarding new trade rates. The President’s latest actions underscore a continued commitment to his protectionist trade agenda, signaling potential widespread economic ripple effects.

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