US President Donald Trump announced plans to impose a new 50% tariff on all copper imports into the country, marking the fourth across-the-board tariff during his second term. However, the timeline for implementation remains unclear.
Copper is a crucial component in various goods, including electronics and cars, which could lead to increased costs for Americans if tariffs are enforced. The US imported $17 billion worth of copper last year, with Chile being the largest foreign supplier.
Global markets reacted negatively to Trump’s announcement, with copper futures surging 15% and reaching an all-time high of $5.68 per pound. Analysts predict that a 50% tariff will be a massive tax on consumers of copper.
Trump also mentioned plans for 200% tariffs on pharmaceuticals “very soon,” although the exact timeline is uncertain. The administration has been investigating pharmaceutical imports since mid-April, aiming to increase domestic drug manufacturing and reduce reliance on foreign supplies.
The president’s announcement comes after extending his “reciprocal” tariff pause to August 1. Trump will inform country leaders of potential new tariff rates in the coming days.
Source: https://edition.cnn.com/2025/07/08/business/trump-copper-tariff